AssuredPartners Investment Advisors LLC Buys 215 Shares of Cummins Inc. $CMI

AssuredPartners Investment Advisors LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 33.2% in the 2nd quarter, Holdings Channel reports. The firm owned 863 shares of the company’s stock after buying an additional 215 shares during the period. AssuredPartners Investment Advisors LLC’s holdings in Cummins were worth $283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Northern Trust Corp increased its holdings in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cummins by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after acquiring an additional 8,487 shares during the period. Raymond James Financial Inc. increased its position in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the period. Finally, Invesco Ltd. increased its position in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 2.6%

Shares of CMI stock opened at $411.84 on Friday. The company’s fifty day simple moving average is $411.10 and its two-hundred day simple moving average is $352.75. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The stock has a market capitalization of $56.75 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 2.04 and a beta of 1.04.

Cummins (NYSE:CMIGet Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.26 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is 37.61%.

Insider Activity

In other news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Citigroup lifted their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. JPMorgan Chase & Co. lifted their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $407.43.

View Our Latest Research Report on Cummins

Cummins Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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