Fifth Third Wealth Advisors LLC Has $519,000 Stock Position in Cummins Inc. (NYSE:CMI)

Fifth Third Wealth Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 9.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,761 shares of the company’s stock after buying an additional 151 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $519,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Westfield Capital Management Co. LP raised its holdings in shares of Cummins by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 25,745 shares of the company’s stock valued at $5,882,000 after purchasing an additional 1,632 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Cummins by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 75,571 shares of the company’s stock valued at $17,265,000 after purchasing an additional 357 shares during the last quarter. Synovus Financial Corp increased its holdings in Cummins by 3.7% during the third quarter. Synovus Financial Corp now owns 13,465 shares of the company’s stock worth $3,076,000 after buying an additional 476 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Cummins by 236.0% during the third quarter. Tower Research Capital LLC TRC now owns 9,090 shares of the company’s stock worth $2,077,000 after buying an additional 6,385 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in Cummins by 61.9% during the third quarter. Bank of Nova Scotia now owns 163,991 shares of the company’s stock worth $37,465,000 after buying an additional 62,677 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marvin Boakye acquired 1,745 shares of the stock in a transaction dated Monday, May 20th. The stock was purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Robert W. Baird lowered their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial restated a “hold” rating and set a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Finally, Citigroup began coverage on shares of Cummins in a research report on Wednesday. They set a “buy” rating and a $320.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $287.55.

Cummins Price Performance

CMI traded down $1.24 on Thursday, hitting $280.43. 970,688 shares of the stock were exchanged, compared to its average volume of 2,097,305. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The business has a 50-day moving average of $282.74 and a two-hundred day moving average of $268.31. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a market capitalization of $38.36 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 1.76 and a beta of 1.02.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Sell-side analysts forecast that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

Cummins Company 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.