Cummins Inc. $CMI Shares Purchased by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 48.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,789 shares of the company’s stock after acquiring an additional 2,873 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $4,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Boston Partners purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $473,471,000. London Co. of Virginia purchased a new position in Cummins during the 3rd quarter worth approximately $231,732,000. Bank of New York Mellon Corp grew its position in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares in the last quarter. Amundi raised its stake in Cummins by 48.6% during the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after purchasing an additional 337,074 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after purchasing an additional 278,350 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $537.21 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $74.22 billion, a price-to-earnings ratio of 26.18, a P/E/G ratio of 1.62 and a beta of 1.12. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The firm has a 50 day moving average of $569.08 and a two-hundred day moving average of $508.23.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business 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 firm earned $5.16 EPS. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Analysts Set New Price Targets

Several brokerages have recently commented on CMI. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. Raymond James Financial increased their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Truist Financial restated a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Profile

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.