Cummins Inc. (NYSE:CMI) Shares Purchased by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 100.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,528 shares of the company’s stock after acquiring an additional 1,767 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $977,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Tennessee Valley Asset Management Partners purchased a new position in shares of Cummins in the 4th quarter valued at about $195,000. Daiwa Securities Group Inc. increased its stake in Cummins by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,785 shares of the company’s stock valued at $3,303,000 after purchasing an additional 854 shares during the last quarter. Federated Hermes Inc. raised its holdings in Cummins by 2.2% during the fourth quarter. Federated Hermes Inc. now owns 9,594 shares of the company’s stock worth $2,298,000 after purchasing an additional 208 shares in the last quarter. Xponance Inc. lifted its position in shares of Cummins by 1.1% during the 4th quarter. Xponance Inc. now owns 18,982 shares of the company’s stock worth $4,548,000 after buying an additional 202 shares during the last quarter. Finally, Fidelis Capital Partners LLC boosted its holdings in shares of Cummins by 5.1% in the 4th quarter. Fidelis Capital Partners LLC now owns 1,119 shares of the company’s stock valued at $268,000 after buying an additional 54 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, TD Cowen upped their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $299.55.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction on 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 transaction, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

Shares of CMI stock traded up $3.52 during midday trading on Wednesday, reaching $303.83. 525,258 shares of the company traded hands, compared to its average volume of 1,798,551. The firm has a market cap of $41.56 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The firm’s 50 day simple moving average is $285.10 and its two-hundred day simple moving average is $281.89. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business earned $5.18 earnings per share. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.40%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

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.