Bank of Nova Scotia Boosts Stock Holdings in Cummins Inc. $CMI

Bank of Nova Scotia boosted its position in Cummins Inc. (NYSE:CMI) by 3.4% in the first quarter, Holdings Channel.com reports. The firm owned 28,925 shares of the company’s stock after acquiring an additional 949 shares during the quarter. Bank of Nova Scotia’s holdings in Cummins were worth $15,562,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Valmark Advisers Inc. raised its stake in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares during the period. Uhlmann Price Securities LLC boosted its stake in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares during the period. Finally, Financial Consulate Inc. grew its holdings in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $663.96 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The business’s fifty day moving average price is $672.19 and its two-hundred day moving average price is $619.28. The stock has a market cap of $91.62 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 earnings per share. On average, analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Marvin Boakye sold 3,481 shares of Cummins stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Citigroup increased their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Finally, Argus upped their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $740.07.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.