Simplicity Wealth LLC Invests $1.37 Million in Cummins Inc. $CMI

Key Points

• Simplicity Wealth LLC purchased 1,922 Cummins shares worth approximately $1.37 million during the second quarter. Institutional investors and hedge funds collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but EPS of $6.73 missed expectations of $7.21. Shares opened at $631.81, below the average analyst price target of $745.64.
• The company increased its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized dividend of $8.80 and a 1.4% yield.

Simplicity Wealth LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,922 shares of the company's stock, valued at approximately $1,371,000.

Other large investors also recently bought and sold shares of the company. Activest Wealth Management increased its holdings in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Cummins in the 4th quarter worth about $27,000. Key Financial Inc increased its stake in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock opened at $631.81 on Monday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The business's fifty day simple moving average is $665.58 and its 200-day simple moving average is $627.56. The firm has a market cap of $86.98 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter last year, the firm posted $6.43 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's payout ratio is presently 40.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Evercore reissued an "outperform" rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Zacks Research cut Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $745.64.

About Cummins

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.

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