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

Fifth Third Wealth Advisors LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 77.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,596 shares of the company’s stock after purchasing an additional 6,807 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $8,391,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new stake in shares of Cummins in the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins during the second quarter worth $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent analyst reports. Truist Financial set a $815.00 target price on Cummins in a report on Wednesday, May 6th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $731.86.

Insider Activity

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $694.12 on Thursday. The stock has a market cap of $95.78 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 1.71 and a beta of 1.23. Cummins Inc. has a 52 week low of $317.74 and a 52 week high of $737.76. The company’s 50-day moving average price is $668.44 and its 200 day moving average price is $595.56. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.96 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Cummins Company 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.