Fifth Third Wealth Advisors LLC Increases Stock Position in Cummins Inc. $CMI

Fifth Third Wealth Advisors LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 9.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,502 shares of the company’s stock after purchasing an additional 485 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $1,802,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fox Run Management L.L.C. purchased a new stake in shares of Cummins during the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC bought a new position in Cummins in the 1st quarter worth about $440,000. Assenagon Asset Management S.A. grew its stake in Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after acquiring an additional 1,114 shares in the last quarter. Invesco Ltd. increased its holdings in Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP increased its holdings in Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after buying an additional 1,241 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CMI. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Truist Financial raised their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $397.43.

Insiders Place Their Bets

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

Cummins Trading Down 3.1%

Shares of Cummins stock opened at $413.28 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a fifty day moving average price of $407.21 and a 200 day moving average price of $349.52. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The stock has a market cap of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter last year, the company posted $5.26 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s payout ratio is currently 37.61%.

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.