Mackenzie Financial Corp Sells 248 Shares of Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp lessened its position in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,557 shares of the company’s stock after selling 248 shares during the period. Mackenzie Financial Corp’s holdings in Cummins were worth $7,800,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management bought a new stake in shares of Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins in the third quarter valued at approximately $28,000. Global Wealth Strategies & Associates bought a new stake in shares of Cummins in the third quarter valued at approximately $29,000. Tyler Stone Wealth Management bought a new stake in Cummins during the second quarter worth $30,000. Finally, Quarry LP bought a new stake in Cummins during the first quarter worth $32,000. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Citigroup upped their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, TD Cowen upped their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $279.70.

Cummins Stock Performance

NYSE CMI opened at $287.56 on Friday. The company has a market capitalization of $39.33 billion, a price-to-earnings ratio of 55.51, a PEG ratio of 1.99 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The stock has a fifty day simple moving average of $280.26 and a 200 day simple moving average of $248.36. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.52 earnings per share. Sell-side analysts expect that Cummins Inc. will post 18.24 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Insider Buying and Selling at Cummins

In other news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by insiders.

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.