AssuredPartners Boosts Cummins Shares by 33.2%, Reports Show

AssuredPartners Investment Advisors LLC has significantly increased its stake in Cummins Inc. (NYSE: CMI), acquiring an additional 215 shares, which represents a 33.2% boost in its holdings during the second quarter. Following this purchase, the firm now owns a total of 863 shares valued at approximately $283,000 as of the latest reporting period, according to Holdings Channel.

Several other major institutional investors have also adjusted their positions in Cummins recently. Notably, Vanguard Group Inc. raised its stake by 1.9% in the first quarter, now holding 17,283,469 shares worth about $5.42 billion after acquiring 321,823 additional shares. Similarly, Northern Trust Corporation increased its holdings by 1.2%, bringing its total to 1,905,214 shares valued at $597.17 million. UBS Asset Management, through its distinct business unit, also boosted its stake by 0.5%, now owning 1,634,580 shares valued at $512.34 million.

Raymond James Financial Inc. made a notable move by increasing its position in Cummins by an impressive 152.3%, now holding 1,354,052 shares worth $424.41 million. Invesco Ltd. also raised its stake by 11.6%, owning 1,215,956 shares valued at $381.13 million. Collectively, institutional investors own 83.46% of Cummins’ stock.

Market Performance and Dividend Declaration

As of the latest trading session, Cummins shares opened at $411.84, reflecting a decline of 2.6%. The stock’s fifty-day simple moving average stands at $411.10, while the two-hundred-day average is $352.75. Over the past year, Cummins has seen a low of $260.02 and a high of $440.51. The company has a market capitalization of $56.75 billion, with a price-to-earnings ratio of 19.36 and a beta of 1.04.

In a positive development for shareholders, Cummins recently announced a quarterly dividend of $2.00 per share, which will be distributed on December 4, 2023. Stockholders on record as of November 21, 2023 will receive this dividend, translating to an annualized payout of $8.00 and a dividend yield of 1.9%. The company’s payout ratio currently stands at 37.61%.

Insider Transactions and Analyst Ratings

In other news, insider trading activity has seen Director Karen H. Quintos sell 1,307 shares of Cummins on August 19, 2023, at an average price of $405.33, culminating in a total of $529,766.31. Following this transaction, Quintos holds 5,227 shares valued at approximately $2.12 million. Additionally, Vice President Robert Enright sold 1,860 shares on August 22, 2023, for a total of $748,203.60, resulting in a 66.07% decrease in his holdings.

Over the previous three months, insiders sold a total of 43,119 shares, valued at $17.67 million. Company insiders currently own 0.41% of Cummins’ stock.

Analysts have recently adjusted their price targets for Cummins. Citigroup raised its price objective from $425.00 to $485.00 while maintaining a “buy” rating. JPMorgan Chase & Co. also increased its target from $400.00 to $460.00 with a “neutral” rating. Overall, there is a consensus rating of “Moderate Buy” for Cummins, with an average target price of $407.43.

Cummins Inc. specializes in designing, manufacturing, distributing, and servicing diesel and natural gas engines, electric and hybrid powertrains, and related components globally. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera, serving various markets, including heavy-duty trucks, buses, and agricultural sectors.

For more detailed insights into Cummins, investors can explore the latest research reports and market analysis available through financial platforms.