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

Assetmark Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,048 shares of the company’s stock after buying an additional 111 shares during the quarter. Assetmark Inc.’s holdings in Cummins were worth $6,291,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. NewSquare Capital LLC grew its holdings in Cummins by 1.7% in the 4th quarter. NewSquare Capital LLC now owns 36,388 shares of the company’s stock valued at $12,589,000 after buying an additional 609 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its stake in shares of Cummins by 23.2% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 112,611 shares of the company’s stock valued at $39,256,000 after purchasing an additional 21,223 shares during the last quarter. Mainstream Capital Management LLC acquired a new position in shares of Cummins in the 4th quarter valued at $38,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Cummins in the 4th quarter valued at $234,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cummins by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock valued at $308,303,000 after purchasing an additional 17,687 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $341.97 on Friday. The stock’s 50-day moving average is $361.77 and its two-hundred day moving average is $345.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The company has a market cap of $47.01 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 earnings per share. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.13%. Cummins’s payout ratio is currently 25.84%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Barclays upped their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $386.67.

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.