Simplicity Wealth LLC Takes Position in Cummins Inc. (NYSE:CMI)

Simplicity Wealth LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,075 shares of the company’s stock, valued at approximately $964,000.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the period. Geode Capital Management LLC lifted its stake in Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after buying an additional 84,112 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after buying an additional 66,887 shares in the last quarter. Northern Trust Corp lifted its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after buying an additional 99,009 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 1.0%

Shares of NYSE CMI opened at $323.84 on Thursday. The company has a 50 day simple moving average of $305.97 and a 200-day simple moving average of $337.67. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.50, a P/E/G ratio of 2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.08 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Robert W. Baird decreased their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and decreased their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $357.25.

Cummins Company 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.