Fifth Third Wealth Advisors LLC Buys 2,333 Shares of Cummins Inc. $CMI

Key Points

• Fifth Third Wealth Advisors increased its Cummins position by 13.1% in the third quarter, adding 2,333 shares for a total holding of 20,194 shares valued at approximately $10.4 million. Institutional investors collectively own 83.46% of Cummins.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share fell short of analyst expectations of $7.21. The stock opened at $517.64, down 0.4%.
• The company declared a quarterly dividend of $2.20 per share, equal to an annualized $8.80 and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $703.18.

Fifth Third Wealth Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,194 shares of the company's stock after purchasing an additional 2,333 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Cummins were worth $10,432,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kennebec Savings Bank grew its position in Cummins by 87.8% during the third quarter. Kennebec Savings Bank now owns 909 shares of the company's stock valued at $470,000 after purchasing an additional 425 shares in the last quarter. XXI Wealth LLC lifted its position in Cummins by 43.2% in the 3rd quarter. XXI Wealth LLC now owns 461 shares of the company's stock worth $238,000 after buying an additional 139 shares in the last quarter. Carderock Capital Management Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at $612,000. BIP Wealth LLC boosted its stake in shares of Cummins by 44.5% during the 3rd quarter. BIP Wealth LLC now owns 448 shares of the company's stock valued at $231,000 after buying an additional 138 shares during the period. Finally, River Street Advisors LLC grew its holdings in shares of Cummins by 10.5% during the 3rd quarter. River Street Advisors LLC now owns 7,621 shares of the company's stock valued at $3,937,000 after acquiring an additional 724 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Cummins Trading Down 0.4%

Shares of CMI stock opened at $517.64 on Friday. Cummins Inc. has a 12 month low of $413.98 and a 12 month high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $545.26 and its two-hundred day moving average is $619.42. The company has a market cap of $71.26 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. Cummins's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.43 earnings per share. Equities analysts predict that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio (DPR) is 44.97%.

Analyst Ratings Changes

Several analysts recently issued reports on CMI shares. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Bank of America cut their price target on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Citigroup reduced their price target on Cummins from $790.00 to $630.00 and set a "buy" rating for the company in a report on Monday, October 12th. Finally, DA Davidson boosted their price target on Cummins from $605.00 to $750.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and an average target price of $703.18.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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