Simplicity Wealth LLC Purchases New Shares in Cummins Inc. (NYSE:CMI)

Simplicity Wealth LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent Form 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 and hedge funds also recently made changes to their positions in the company. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins in the 4th quarter valued at about $30,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $32,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 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, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Truist Financial reduced their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Citigroup increased their target price on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Robert W. Baird cut 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $357.25.

Cummins Stock Up 0.3%

Shares of Cummins stock traded up $0.82 during trading hours on Thursday, reaching $324.40. 503,178 shares of the company's stock were exchanged, compared to its average volume of 795,074. The stock has a market cap of $44.69 billion, a P/E ratio of 11.52, a P/E/G ratio of 2.19 and a beta of 1.04. The company has a 50 day moving average of $305.97 and a two-hundred day moving average of $337.67. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is currently 36.22%.

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.