1,922 Shares in Cummins Inc. $CMI Bought by Simplicity Wealth LLC

Simplicity Wealth LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel.com reports. The fund bought 1,922 shares of the company’s stock, valued at approximately $1,371,000.

Other institutional investors also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its holdings in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC raised its holdings in shares of 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 purchasing an additional 45 shares in the last quarter. Activest Wealth Management lifted its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the 4th quarter worth about $27,000. Finally, Key Financial Inc increased its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.1%

Cummins stock opened at $631.81 on Monday. The stock has a 50 day moving average of $665.58 and a two-hundred day moving average of $627.56. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The stock has a market capitalization of $86.98 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $9.33 billion. During the same period in the previous year, the firm posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is currently 40.88%.

Analysts Set New Price Targets

Several brokerages have commented on CMI. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, August 3rd. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. Finally, Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Company Profile

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.