Mackenzie Financial Corp reduced its stake in Cummins Inc. (NYSE:CMI) by 11.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 88,212 shares of the company’s stock after selling 11,193 shares during the quarter. Mackenzie Financial Corp owned about 0.06% of Cummins worth $21,507,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Fort Pitt Capital Group LLC raised its position in shares of Cummins by 2.7% in the 2nd quarter. Fort Pitt Capital Group LLC now owns 1,772 shares of the company’s stock valued at $432,000 after purchasing an additional 46 shares during the last quarter. River Wealth Advisors LLC increased its holdings in Cummins by 2.3% in the 2nd quarter. River Wealth Advisors LLC now owns 2,025 shares of the company’s stock worth $494,000 after buying an additional 46 shares during the period. Davy Global Fund Management Ltd increased its holdings in Cummins by 0.7% in the 2nd quarter. Davy Global Fund Management Ltd now owns 6,414 shares of the company’s stock worth $1,564,000 after buying an additional 47 shares during the period. Column Capital Advisors LLC increased its holdings in Cummins by 6.8% in the 1st quarter. Column Capital Advisors LLC now owns 780 shares of the company’s stock worth $202,000 after buying an additional 50 shares during the period. Finally, Trinity Legacy Partners LLC increased its holdings in Cummins by 4.0% in the 2nd quarter. Trinity Legacy Partners LLC now owns 1,295 shares of the company’s stock worth $313,000 after buying an additional 50 shares during the period. 80.40% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on the stock. Credit Suisse Group raised their price objective on shares of Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 4th. Morgan Stanley reduced their price target on shares of Cummins from $271.00 to $264.00 and set an “equal weight” rating for the company in a research report on Monday, August 9th. Vertical Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $280.00 price target for the company in a research report on Monday, July 26th. The Goldman Sachs Group downgraded shares of Cummins from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $270.00 to $230.00 in a research report on Tuesday, August 24th. Finally, Cowen upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 price target for the company in a research report on Friday, July 16th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $282.35.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, August 2nd. The company reported $4.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.06 by $0.04. The firm had revenue of $6.10 billion during the quarter, compared to analysts’ expectations of $6 billion. Cummins had a net margin of 9.52% and a return on equity of 25.26%. The firm’s quarterly revenue was up 58.4% on a year-over-year basis. During the same quarter last year, the company posted $1.86 EPS. Equities analysts expect that Cummins Inc. will post 16.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th were paid a $1.45 dividend. The ex-dividend date of this dividend was Thursday, August 19th. This is a boost from Cummins’s previous quarterly dividend of $1.35. This represents a $5.80 dividend on an annualized basis and a yield of 2.55%. Cummins’s dividend payout ratio (DPR) is currently 47.62%.
Cummins Company Profile
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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