Assenagon Asset Management S.A. Has $4.83 Million Holdings in Cummins Inc. $CMI

Key Points

• Assenagon Asset Management S.A. increased its holdings in Cummins Inc. by 7.9%, owning 14,745 shares valued at approximately $4.83 million as of the last quarter.
• Cummins recently reported $6.43 EPS for the quarter, exceeding analysts' estimates, and announced a quarterly dividend increase to $2.00 per share, reflecting a 1.9% dividend yield.
• Major hedge funds significantly enhanced their positions in Cummins, with GAMMA Investing LLC increasing its shares by 38,220.5% during the 1st quarter, leading to a high institutional ownership of 83.46%.

Assenagon Asset Management S.A. grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 7.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,745 shares of the company's stock after purchasing an additional 1,079 shares during the period. Assenagon Asset Management S.A.'s holdings in Cummins were worth $4,829,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after acquiring an additional 817,384 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after acquiring an additional 424,294 shares during the last quarter. Nuveen LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $109,120,000. Finally, Vanguard Group Inc. increased its holdings in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI stock opened at $418.24 on Thursday. The stock has a 50 day moving average of $391.38 and a two-hundred day moving average of $341.08. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $432.50. The company has a market capitalization of $57.63 billion, a P/E ratio of 19.66, a P/E/G ratio of 2.05 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the company earned $5.26 EPS. The company's quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is 37.61%.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. Wells Fargo & Company raised Cummins to an "overweight" rating in a report on Monday, August 11th. Truist Financial increased their price objective on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Barclays increased their price objective on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, Evercore ISI restated an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $393.57.

Insider Buying and Selling

In related news, VP Luther E. Peters sold 4,850 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is currently owned by corporate insiders.

Cummins 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.

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