Fifth Third Bancorp Has $37.76 Million Stake in Cummins Inc. $CMI

Fifth Third Bancorp lowered its holdings in Cummins Inc. (NYSE:CMI) by 1.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,405 shares of the company’s stock after selling 867 shares during the period. Fifth Third Bancorp owned approximately 0.06% of Cummins worth $37,762,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the third quarter worth approximately $28,000. Osterweis Capital Management Inc. bought a new stake in shares of Cummins during the 2nd quarter valued at $31,000. Guerra Advisors Inc acquired a new stake in shares of Cummins during the 3rd quarter worth $36,000. Salomon & Ludwin LLC increased its position in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new position in Cummins in the third quarter valued at about $39,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Wells Fargo & Company upped their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Citigroup lifted their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Up 2.0%

Shares of NYSE:CMI opened at $600.30 on Tuesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a market capitalization of $82.94 billion, a PE ratio of 29.25, a price-to-earnings-growth ratio of 1.90 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The company has a fifty day moving average of $551.85 and a 200-day moving average of $472.35.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter last year, the business posted $5.16 EPS. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio is currently 38.99%.

Insider Buying and Selling

In related news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.41% of the stock is owned by company insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.