Simplicity Wealth LLC Buys New Stake in Cummins Inc. (NYSE:CMI)

Simplicity Wealth LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the 1st quarter, Holdings Channel.com reports. The fund bought 3,075 shares of the company’s stock, valued at approximately $964,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC increased its stake in Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after buying an additional 28 shares during the period. Fiduciary Trust Co increased its stake in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after buying an additional 28 shares during the period. Avestar Capital LLC increased its stake in Cummins by 3.2% during the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares during the period. Quent Capital LLC increased its position in shares of Cummins by 5.6% in the 4th quarter. Quent Capital LLC now owns 620 shares of the company’s stock worth $216,000 after purchasing an additional 33 shares during the last quarter. Finally, Mindset Wealth Management LLC increased its position in shares of Cummins by 1.7% in the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company’s stock worth $724,000 after purchasing an additional 35 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Robert W. Baird decreased their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Evercore ISI decreased their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $357.25.

Cummins Trading Down 1.0%

Cummins stock opened at $323.84 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $305.97 and a two-hundred day moving average price of $337.67. The firm has a market capitalization of $44.61 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.08 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

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.