Assenagon Asset Management S.A. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 97.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,646 shares of the company's stock after selling 217,661 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Cummins were worth $1,664,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Balentine LLC grew its position in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company's stock worth $898,000 after buying an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Cummins by 200.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company's stock worth $1,387,000 after purchasing an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in shares of Cummins in the 3rd quarter valued at about $9,048,000. Capital Advisors Inc. OK bought a new stake in shares of Cummins in the 4th quarter valued at about $24,915,000. Finally, SG Americas Securities LLC lifted its stake in shares of Cummins by 227.6% in the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company's stock valued at $5,817,000 after acquiring an additional 16,869 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Stock Down 0.2 %
Shares of CMI stock traded down $0.70 during midday trading on Monday, reaching $284.86. 640,979 shares of the stock were exchanged, compared to its average volume of 2,396,490. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The company's 50 day moving average is $289.89 and its two-hundred day moving average is $258.50. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a market cap of $38.96 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 1.78 and a beta of 1.04.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Friday, May 24th will be issued a dividend of $1.68 per share. The ex-dividend date is Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.36%. Cummins's payout ratio is 49.19%.
Insider Buying and Selling
In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company's stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,430 shares of company stock valued at $11,608,848. 0.56% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
CMI has been the subject of a number of recent research reports. TheStreet lowered Cummins from an "a-" rating to a "c+" rating in a research note on Tuesday, February 6th. Truist Financial reissued a "hold" rating and issued a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. Evercore ISI boosted their target price on Cummins from $231.00 to $244.00 and gave the company an "in-line" rating in a research note on Tuesday, February 20th. Robert W. Baird lowered their price target on Cummins from $298.00 to $295.00 and set a "neutral" rating for the company in a research report on Friday, May 3rd. Finally, TD Cowen upped their price target on Cummins from $272.00 to $292.00 and gave the company a "buy" rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average target price of $284.36.
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About Cummins
(
Free Report)
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.
Further Reading
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