Fifth Third Bancorp Has $32.55 Million Holdings in Cummins Inc. (NYSE:CMI)

Fifth Third Bancorp trimmed its stake in Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,386 shares of the company’s stock after selling 2,238 shares during the period. Fifth Third Bancorp owned about 0.07% of Cummins worth $32,554,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Pathway Financial Advisers LLC grew its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. State Street Corp increased its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Finally, abrdn plc raised its stake in shares of Cummins by 22.5% in the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after purchasing an additional 112,529 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. The Goldman Sachs Group upped their target price 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. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial increased their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock worth $2,357,531 in the last quarter. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $367.45 on Friday. The stock’s fifty day moving average is $363.94 and its 200-day moving average is $330.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 52 week low of $236.00 and a 52 week high of $387.90. The stock has a market capitalization of $50.41 billion, a PE ratio of 24.27, a PEG ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the company posted $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Cummins 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.