Cummins Inc. (NYSE:CMI) Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,666 shares of the company's stock after purchasing an additional 1,114 shares during the period. Assenagon Asset Management S.A.'s holdings in Cummins were worth $4,283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Cummins in the fourth quarter worth approximately $499,490,000. GAMMA Investing LLC grew 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 worth $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Cummins during the 4th quarter worth about $187,082,000. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after buying an additional 246,807 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Truist Financial lowered their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Citigroup boosted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $357.25.

Cummins Stock Down 2.4%

Shares of NYSE CMI traded down $7.59 during mid-day trading on Tuesday, hitting $314.72. The company had a trading volume of 619,224 shares, compared to its average volume of 792,225. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a market capitalization of $43.36 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The business's 50-day simple moving average is $309.15 and its 200 day simple moving average is $336.07.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The business's quarterly revenue was down 2.7% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.31%. Cummins's dividend payout ratio is currently 36.22%.

Insiders Place Their Bets

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

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.