Assetmark Inc. Raises Holdings in Cummins Inc. (NYSE:CMI)

Assetmark Inc. raised its holdings in Cummins Inc. (NYSE:CMI) by 3.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,937 shares of the company’s stock after acquiring an additional 533 shares during the quarter. Assetmark Inc.’s holdings in Cummins were worth $5,808,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Washington Trust Advisors Inc. acquired a new stake in Cummins in the third quarter valued at $185,000. Windward Capital Management Co. CA boosted its position in shares of Cummins by 1.2% in the 3rd quarter. Windward Capital Management Co. CA now owns 56,132 shares of the company’s stock worth $18,175,000 after buying an additional 692 shares in the last quarter. Applied Finance Capital Management LLC increased its holdings in Cummins by 0.8% during the 3rd quarter. Applied Finance Capital Management LLC now owns 136,759 shares of the company’s stock valued at $44,281,000 after acquiring an additional 1,141 shares in the last quarter. Equitable Trust Co. raised its position in Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Cummins in the third quarter valued at about $5,102,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $358.43 on Tuesday. The company has a market cap of $49.17 billion, a PE ratio of 23.67, a P/E/G ratio of 1.77 and a beta of 0.97. The firm has a 50-day simple moving average of $322.99 and a 200 day simple moving average of $299.21. Cummins Inc. has a fifty-two week low of $216.91 and a fifty-two week high of $370.21. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 20.32 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.03%. Cummins’s payout ratio is currently 48.08%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $324.83.

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.