Simplicity Solutions LLC Reduces Stake in Cummins Inc. (NYSE:CMI)

Simplicity Solutions LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 2.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,579 shares of the company’s stock after selling 161 shares during the quarter. Simplicity Solutions LLC’s holdings in Cummins were worth $1,816,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CMI. Graypoint LLC lifted its position in Cummins by 21.4% during the 4th quarter. Graypoint LLC now owns 1,255 shares of the company’s stock worth $301,000 after acquiring an additional 221 shares during the period. Baystate Wealth Management LLC lifted its position in Cummins by 63.6% during the 4th quarter. Baystate Wealth Management LLC now owns 247 shares of the company’s stock worth $59,000 after acquiring an additional 96 shares during the period. Tennessee Valley Asset Management Partners acquired a new stake in Cummins during the 4th quarter worth approximately $195,000. Cornerstone Wealth Group LLC acquired a new stake in Cummins during the 4th quarter worth approximately $5,389,000. Finally, Perigon Wealth Management LLC acquired a new stake in Cummins during the 4th quarter worth approximately $331,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Truist Financial initiated coverage on Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $276.10.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last quarter. 0.56% of the stock is currently owned by insiders.

Cummins Stock Performance

Cummins stock opened at $298.63 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a fifty day moving average of $275.89 and a two-hundred day moving average of $246.40. The company has a market capitalization of $40.84 billion, a price-to-earnings ratio of 57.65, a PEG ratio of 2.03 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business earned $4.52 EPS. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 129.73%.

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.