Fifth Third Bancorp Purchases 1,248 Shares of Cummins Inc. $CMI

Fifth Third Bancorp boosted its position in shares of Cummins Inc. (NYSE:CMI) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,653 shares of the company’s stock after buying an additional 1,248 shares during the period. Fifth Third Bancorp’s holdings in Cummins were worth $46,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Activest Wealth Management boosted its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Flagship Wealth Advisors LLC bought a new position in Cummins during the third quarter valued at approximately $28,000. Ares Financial Consulting LLC bought a new position in Cummins during the fourth quarter valued at approximately $29,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

NYSE:CMI opened at $657.42 on Friday. The firm has a market capitalization of $90.83 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 2.12 and a beta of 1.14. Cummins Inc. has a 1 year low of $290.73 and a 1 year high of $674.75. The business has a 50 day simple moving average of $581.03 and a 200-day simple moving average of $536.06. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the business posted $5.16 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 26.05 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Argus set a $696.00 price objective on Cummins in a research note on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $600.27.

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.