Fifth Third Wealth Advisors LLC Raises Position in Cummins Inc. $CMI

Key Points

• Fifth Third Wealth Advisors LLC increased its Cummins stake by 77.4% in the first quarter, adding 6,807 shares and bringing its total holding to 15,596 shares worth about $8.39 million.
• Cummins reported stronger-than-expected quarterly results, posting EPS of $6.15 versus the $5.63 consensus and revenue of $8.40 billion, up 2.7% year over year.
• Analysts remain constructive on the stock, with several raising price targets and the company carrying a consensus rating of “Moderate Buy” and an average price target of $731.86.

Fifth Third Wealth Advisors LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 77.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,596 shares of the company's stock after acquiring an additional 6,807 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Cummins were worth $8,391,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Thompson Investment Management Inc. acquired a new stake in Cummins in the 4th quarter valued at about $26,000. Activest Wealth Management grew its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after buying an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the fourth quarter worth about $27,000. Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins during the fourth quarter worth approximately $28,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in Cummins in the fourth quarter valued at approximately $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.7%

Shares of NYSE CMI opened at $694.12 on Thursday. The business has a 50-day moving average price of $668.44 and a 200 day moving average price of $595.56. The stock has a market cap of $95.78 billion, a PE ratio of 36.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.23. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52-week low of $317.74 and a 52-week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the firm posted $5.96 EPS. Equities research analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. UBS Group restated a "buy" rating on shares of Cummins in a report on Wednesday, June 17th. Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, Citigroup increased their target price on Cummins from $710.00 to $770.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and an average price target of $731.86.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company's stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last three months. 0.30% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.