Fifth Third Bancorp Has $37.76 Million Stock Position in Cummins Inc. $CMI

Fifth Third Bancorp cut its stake in Cummins Inc. (NYSE:CMI) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,405 shares of the company’s stock after selling 867 shares during the period. Fifth Third Bancorp’s holdings in Cummins were worth $37,762,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Motley Fool Asset Management LLC grew its stake in Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System increased its holdings in Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after buying an additional 2,305 shares during the last quarter. Bailard Inc. raised its position in Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $600.30 on Tuesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The business’s fifty day moving average is $551.85 and its 200 day moving average is $472.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market cap of $82.94 billion, a price-to-earnings ratio of 29.25, a PEG ratio of 1.90 and a beta of 1.13.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating 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 analysts’ expectations of $8.09 billion. During the same period in the prior year, the business posted $5.16 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Raymond James Financial raised their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Wells Fargo & Company raised their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. Robert W. Baird set a $580.00 price objective on Cummins in a report on Friday, February 6th. Finally, Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a research note on Monday, January 26th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.41% of the company’s stock.

Cummins 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.