Genus Capital Management Inc. Sells 39,799 Shares of Cummins Inc. $CMI

Genus Capital Management Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 87.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,458 shares of the company’s stock after selling 39,799 shares during the quarter. Genus Capital Management Inc.’s holdings in Cummins were worth $1,787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the period. Northern Trust Corp boosted its stake in Cummins by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after purchasing an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. boosted its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. Finally, Invesco Ltd. boosted its stake in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 43,319 shares of company stock valued at $17,764,105. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. increased their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Barclays increased their target price on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Finally, Truist Financial increased their target price on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Stock Performance

Shares of Cummins stock opened at $428.58 on Wednesday. The firm has a market cap of $59.05 billion, a P/E ratio of 20.15, a P/E/G ratio of 2.05 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $449.21. The stock’s fifty day moving average price is $417.32 and its 200-day moving average price is $365.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.26 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

About Cummins

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.