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

Genus Capital Management Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 87.9% during the second quarter, Holdings Channel.com reports. 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 institutional investors have also added to or reduced their stakes in the business. RFG Bristol Wealth Advisors LLC boosted its holdings in Cummins by 10.3% in the second quarter. RFG Bristol Wealth Advisors LLC now owns 3,051 shares of the company’s stock worth $999,000 after acquiring an additional 285 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in Cummins by 15.2% in the second quarter. Crestwood Advisors Group LLC now owns 2,331 shares of the company’s stock worth $763,000 after acquiring an additional 307 shares in the last quarter. NewSquare Capital LLC boosted its holdings in Cummins by 3.8% in the second quarter. NewSquare Capital LLC now owns 38,054 shares of the company’s stock worth $12,373,000 after acquiring an additional 1,395 shares in the last quarter. Magnolia Capital Advisors LLC boosted its holdings in Cummins by 8.0% in the second quarter. Magnolia Capital Advisors LLC now owns 3,896 shares of the company’s stock worth $1,276,000 after acquiring an additional 290 shares in the last quarter. Finally, Prosperity Consulting Group LLC boosted its holdings in Cummins by 8.2% in the second quarter. Prosperity Consulting Group LLC now owns 828 shares of the company’s stock worth $271,000 after acquiring an additional 63 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 2.1%

Shares of NYSE:CMI opened at $428.58 on Wednesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $449.21. The stock has a market cap of $59.05 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.05 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $417.32 and a 200-day moving average price of $365.98.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period last year, the business posted $5.26 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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

Analyst Ratings Changes

CMI has been the subject of several recent analyst reports. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Barclays raised their price target on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday, October 20th. Finally, Citigroup raised their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Insider Activity at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 43,319 shares of company stock valued at $17,764,105 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Cummins 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.