Simplicity Wealth LLC Purchases 3,717 Shares of Cummins Inc. $CMI

Simplicity Wealth LLC lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 120.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,792 shares of the company's stock after buying an additional 3,717 shares during the period. Simplicity Wealth LLC's holdings in Cummins were worth $2,225,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Wealthcare Advisory Partners LLC increased its position in shares of Cummins by 4.5% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,978 shares of the company's stock valued at $1,303,000 after purchasing an additional 171 shares during the last quarter. Quent Capital LLC grew its position in Cummins by 15.8% during the second quarter. Quent Capital LLC now owns 733 shares of the company's stock valued at $240,000 after buying an additional 100 shares during the period. QRG Capital Management Inc. increased its holdings in Cummins by 52.2% during the second quarter. QRG Capital Management Inc. now owns 47,377 shares of the company's stock worth $15,516,000 after buying an additional 16,257 shares during the last quarter. Wallington Asset Management LLC raised its position in Cummins by 1.1% in the second quarter. Wallington Asset Management LLC now owns 34,720 shares of the company's stock worth $11,371,000 after acquiring an additional 372 shares during the period. Finally, Cape ANN Savings Bank boosted its stake in Cummins by 6.4% in the second quarter. Cape ANN Savings Bank now owns 3,390 shares of the company's stock valued at $1,110,000 after acquiring an additional 205 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $432.87 on Monday. The business's fifty day moving average is $400.74 and its 200 day moving average is $346.10. The firm has a market cap of $59.65 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $437.66.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the previous year, the firm earned $5.26 EPS. The company's quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.8%. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is currently 37.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an "overweight" rating in a research report on Monday, August 11th. Citigroup upped their price target on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Finally, Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell 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 $393.57.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.