Cummins Inc. (NYSE:CMI) Shares Bought by Assetmark Inc.

Assetmark Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 0.6% during the fourth quarter, Holdings Channel reports. The firm owned 18,048 shares of the company’s stock after purchasing an additional 111 shares during the period. Assetmark Inc.’s holdings in Cummins were worth $6,291,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Proficio Capital Partners LLC acquired a new position in shares of Cummins in the 4th quarter valued at $71,279,000. Fisher Asset Management LLC increased its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the period. State Street Corp increased its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after acquiring an additional 120,579 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $341.97 on Friday. The firm has a market capitalization of $47.01 billion, a P/E ratio of 12.14, a PEG ratio of 2.19 and a beta of 1.00. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90. The company’s fifty day moving average is $361.77 and its two-hundred day moving average is $345.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.14 EPS. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.13%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Robert W. Baird lifted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $386.67.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.