Fifth Third Wealth Advisors LLC Acquires 134 Shares of Cummins Inc. (NYSE:CMI)

Fifth Third Wealth Advisors LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 3.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,744 shares of the company’s stock after acquiring an additional 134 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Cummins were worth $1,305,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. SeaCrest Wealth Management LLC increased its position in Cummins by 6.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 974 shares of the company’s stock valued at $340,000 after buying an additional 56 shares in the last quarter. Quantum Financial Advisors LLC purchased a new stake in shares of Cummins in the fourth quarter worth $212,000. Pallas Capital Advisors LLC increased its holdings in shares of Cummins by 4.6% during the fourth quarter. Pallas Capital Advisors LLC now owns 918 shares of the company’s stock valued at $320,000 after acquiring an additional 40 shares in the last quarter. Friedenthal Financial purchased a new position in shares of Cummins in the 4th quarter worth about $55,000. Finally, Eastern Bank boosted its stake in Cummins by 17.5% in the 4th quarter. Eastern Bank now owns 1,325 shares of the company’s stock worth $462,000 after purchasing an additional 197 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CMI shares. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Truist Financial upped their price objective on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $374.17.

Cummins Stock Performance

Shares of CMI opened at $360.80 on Thursday. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The business has a fifty day moving average of $362.81 and a 200 day moving average of $326.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a market capitalization of $49.49 billion, a P/E ratio of 23.83, a PEG ratio of 1.78 and a beta of 0.99.

Cummins (NYSE:CMI) last released 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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

About Cummins

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.