Assenagon Asset Management S.A. Sells 1,422 Shares of Cummins Inc. (NYSE:CMI)

Assenagon Asset Management S.A. trimmed its stake in Cummins Inc. (NYSE:CMI) by 10.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,552 shares of the company’s stock after selling 1,422 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cummins were worth $4,376,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. PFG Investments LLC boosted its stake in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the period. CWM LLC boosted its stake in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the period. Distillate Capital Partners LLC boosted its stake in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares during the period. Alpha DNA Investment Management LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $748,000. Finally, Franklin Resources Inc. boosted its stake in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $365.98 on Tuesday. The stock has a market capitalization of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a fifty day moving average price of $363.33 and a two-hundred day moving average price of $328.19. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on CMI shares. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird lifted their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $374.25.

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.