Geneos Wealth Management Inc. Acquires 6,696 Shares of Cummins Inc. (NYSE:CMI)

Geneos Wealth Management Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 95.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,687 shares of the company's stock after acquiring an additional 6,696 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Cummins were worth $4,290,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CMI. Geode Capital Management LLC boosted its holdings in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after acquiring an additional 84,112 shares during the last quarter. Northern Trust Corp boosted its holdings in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock valued at $566,856,000 after acquiring an additional 99,009 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cummins by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after buying an additional 12,722 shares during the period. Finally, Royal Bank of Canada lifted its stake in Cummins by 3.7% in the fourth quarter. Royal Bank of Canada now owns 1,271,279 shares of the company's stock valued at $443,169,000 after buying an additional 44,907 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup restated a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and an average target price of $361.92.

Cummins Stock Down 0.2%

Shares of NYSE CMI traded down $0.56 during mid-day trading on Wednesday, hitting $365.78. 916,565 shares of the stock traded hands, compared to its average volume of 884,997. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market cap of $50.39 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.04 and a beta of 1.03. The stock has a fifty day moving average price of $331.76 and a 200-day moving average price of $331.04.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the firm posted $5.08 earnings per share. Cummins's quarterly revenue was down 2.7% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.19%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by 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.