Fifth Third Wealth Advisors LLC Grows Stake in Cummins Inc. $CMI

Fifth Third Wealth Advisors LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 9.7% in the second quarter, Holdings Channel reports. The firm owned 5,502 shares of the company’s stock after buying an additional 485 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $1,802,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Olde Wealth Management LLC purchased a new stake in shares of Cummins during the first quarter worth about $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins during the first quarter worth about $31,000. Opal Wealth Advisors LLC purchased a new stake in Cummins during the 1st quarter valued at about $37,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC purchased a new stake in Cummins during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Finally, Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $397.43.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by company insiders.

Cummins Stock Performance

NYSE:CMI opened at $413.28 on Friday. The company’s 50-day moving average is $407.21 and its two-hundred day moving average is $349.52. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The firm has a market capitalization of $56.95 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.00 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 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 for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the prior year, the business posted $5.26 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

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