AssuredPartners Investment Advisors LLC Invests $203,000 in Cummins Inc. (NYSE:CMI)

AssuredPartners Investment Advisors LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 648 shares of the company’s stock, valued at approximately $203,000.

Several other institutional investors have also bought and sold shares of CMI. FMR LLC raised its position in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares during the last quarter. Fayez Sarofim & Co grew its stake in shares of Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI grew its stake in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after acquiring an additional 3,298 shares during the period. Assenagon Asset Management S.A. grew its stake in Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after acquiring an additional 1,114 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock worth $54,876,000 after buying an additional 6,107 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $318.86 on Thursday. The firm has a market cap of $43.93 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The business’s 50 day moving average is $313.19 and its 200-day moving average is $333.69.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $5.08 earnings per share. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. Cummins’s dividend payout ratio (DPR) is currently 36.22%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMI shares. UBS Group cut Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. upped their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Finally, Evercore ISI dropped their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $358.08.

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.