Fifth Third Wealth Advisors LLC Acquires 1,273 Shares of Cummins Inc. (NYSE:CMI)

Fifth Third Wealth Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 34.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 5,017 shares of the company's stock after purchasing an additional 1,273 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Cummins were worth $1,573,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Norges Bank acquired a new stake in Cummins during the 4th quarter valued at approximately $499,490,000. GAMMA Investing LLC increased its position in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. acquired a new stake in Cummins during the 4th quarter valued at approximately $187,082,000. Vanguard Group Inc. increased its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the period. Finally, Northern Trust Corp increased its position in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CMI. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Robert W. Baird lowered their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Citigroup lifted their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $357.25.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Down 0.0%

NYSE CMI traded down $0.04 during mid-day trading on Thursday, hitting $322.80. The company's stock had a trading volume of 550,917 shares, compared to its average volume of 799,980. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $44.47 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 2.19 and a beta of 1.02. The company's 50 day simple moving average is $304.08 and its 200 day simple moving average is $338.78. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 EPS. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio is 36.22%.

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.