Assetmark Inc. increased its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 41.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,793 shares of the company’s stock after purchasing an additional 2,578 shares during the period. Assetmark Inc.’s holdings in Cummins were worth $2,101,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cummins by 5.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,507,087 shares of the company’s stock worth $1,334,312,000 after buying an additional 266,704 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cummins by 10.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,026,788 shares of the company’s stock valued at $733,360,000 after purchasing an additional 287,870 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cummins by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 2,939,502 shares of the company’s stock valued at $710,947,000 after purchasing an additional 70,040 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 634.9% in the first quarter. Fisher Asset Management LLC now owns 2,078,297 shares of the company’s stock worth $496,464,000 after purchasing an additional 1,795,480 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of Cummins by 2.8% in the fourth quarter. First Eagle Investment Management LLC now owns 2,055,849 shares of the company’s stock worth $498,112,000 after buying an additional 55,502 shares in the last quarter. 82.72% of the stock is currently owned by institutional investors.
Cummins Stock Performance
CMI stock opened at $238.36 on Wednesday. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.17 and a beta of 1.05. Cummins Inc. has a twelve month low of $200.40 and a twelve month high of $265.28. The company has a quick ratio of 0.85, a current ratio of 1.40 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $241.75 and its two-hundred day simple moving average is $237.72.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 25th will be issued a dividend of $1.68 per share. This is an increase from Cummins’s previous quarterly dividend of $1.57. This represents a $6.72 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Thursday, August 24th. Cummins’s dividend payout ratio (DPR) is presently 35.18%.
Wall Street Analyst Weigh In
CMI has been the topic of several recent research reports. 888 reaffirmed a “maintains” rating on shares of Cummins in a report on Wednesday, May 31st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Cummins from $231.00 to $227.00 and set a “hold” rating on the stock in a research report on Wednesday, April 12th. The Goldman Sachs Group upped their price objective on Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. VNET Group reiterated a “maintains” rating on shares of Cummins in a report on Wednesday, May 3rd. Finally, StockNews.com initiated coverage on Cummins in a report on Thursday, May 18th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $266.17.
Read Our Latest Research Report on Cummins
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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