Simplicity Wealth LLC Decreases Stake in Cummins Inc. $CMI

Simplicity Wealth LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 64.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Salomon & Ludwin LLC raised its stake in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the last quarter. Tripletail Wealth Management LLC acquired a new position in shares of Cummins in the third quarter valued at about $39,000. Osterweis Capital Management Inc. purchased a new position in shares of Cummins in the second quarter worth about $31,000. SJS Investment Consulting Inc. raised its stake in shares of Cummins by 1,414.3% in the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after purchasing an additional 99 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new stake in shares of Cummins during the third quarter worth about $45,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 2.0%

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 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’s fifty day moving average is $520.97 and its 200 day moving average is $444.67. The firm has a market cap of $78.87 billion, a PE ratio of 29.65, a P/E/G ratio of 2.04 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same period in the prior year, the company posted $5.86 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CMI shares. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Citigroup increased 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. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a report on Monday, December 22nd. JPMorgan Chase & Co. upped 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, Barclays lifted their price objective on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $520.79.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were 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 owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is owned by company insiders.

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.