Assenagon Asset Management S.A. Acquires 411,060 Shares of Cummins Inc. $CMI

Assenagon Asset Management S.A. increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 969.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 453,467 shares of the company's stock after buying an additional 411,060 shares during the quarter. Assenagon Asset Management S.A. owned about 0.33% of Cummins worth $223,883,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in Cummins in the second quarter valued at about $26,000. Key Financial Inc raised its stake in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after acquiring an additional 20 shares in the last quarter. Elevation Wealth Partners LLC raised its stake in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after acquiring an additional 22 shares in the last quarter. Finally, Steph & Co. raised its stake in Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company's stock worth $36,000 after acquiring an additional 35 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. UBS Group dropped their target price on shares of Cummins from $835.00 to $741.00 and set a "buy" rating for the company in a report on Wednesday, September 30th. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They set an "outperform" rating and a $781.00 price target on the stock. Sanford C. Bernstein reiterated a "market perform" rating and set a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley increased their price target on Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 31st. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $708.18.

Cummins Stock Performance

NYSE:CMI opened at $532.04 on Friday. The company has a market capitalization of $73.24 billion, a PE ratio of 21.48, a P/E/G ratio of 1.38 and a beta of 1.24. The company has a 50 day simple moving average of $558.13 and a two-hundred day simple moving average of $620.48. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the company earned $6.43 earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio is presently 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.30% of the company's stock.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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