Simplicity Wealth LLC Sells 4,410 Shares of Cummins Inc. $CMI

Simplicity Wealth LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 64.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,382 shares of the company’s stock after selling 4,410 shares during the quarter. Simplicity Wealth LLC’s holdings in Cummins were worth $1,006,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its position in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the period. State Street Corp raised its stake in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after acquiring an additional 92,073 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after acquiring an additional 43,720 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after purchasing an additional 142,058 shares during the period. Finally, Norges Bank bought a new position in Cummins in the second quarter worth approximately $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CMI shares. Barclays upped their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday. Citigroup upped their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $520.79.

Cummins Stock Performance

CMI stock opened at $571.34 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $587.55. The firm has a market cap of $78.87 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 2.04 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The firm has a 50-day simple moving average of $520.97 and a two-hundred day simple moving average of $444.67.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the firm earned $5.86 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Insider Transactions at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 19,330 shares of company stock valued at $9,135,364. Corporate insiders own 0.41% of the company’s stock.

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.