Fifth Third Wealth Advisors LLC Buys 82 Shares of Cummins Inc. (NYSE:CMI)

Fifth Third Wealth Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 2.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,610 shares of the company’s stock after buying an additional 82 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $1,169,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CMI. Cultivar Capital Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new position in Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC purchased a new stake in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the third quarter worth $34,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $361.73 on Wednesday. The company has a market cap of $49.62 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The company’s 50 day moving average is $331.59 and its 200 day moving average is $302.93. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $334.33.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

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.