Cummins Inc. $CMI Shares Acquired by Assetmark Inc.

Assetmark Inc. grew its position in Cummins Inc. (NYSE:CMI) by 8.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,663 shares of the company’s stock after acquiring an additional 2,127 shares during the period. Assetmark Inc.’s holdings in Cummins were worth $9,060,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Olde Wealth Management LLC acquired a new position in shares of Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the first quarter worth about $31,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins in the first quarter worth about $39,000. Costello Asset Management INC acquired a new position in shares of Cummins in the first quarter worth about $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth about $41,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $438.34 on Friday. The stock has a market cap of $60.40 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $415.90 and a 200-day simple moving average of $363.26. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $449.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $5.26 earnings per share. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is presently 37.61%.

Analyst Ratings Changes

A number of analysts have recently commented on CMI shares. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Truist Financial boosted their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $410.50.

Insider Buying and Selling

In related news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 43,319 shares of company stock valued at $17,764,105 in the last ninety days. Company insiders own 0.41% of the company’s stock.

About Cummins

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.