Mackenzie Financial Corp Sells 933 Shares of Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp decreased its holdings in Cummins Inc. (NYSE:CMI) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,657 shares of the company’s stock after selling 933 shares during the quarter. Mackenzie Financial Corp’s holdings in Cummins were worth $8,944,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after buying an additional 84,112 shares during the period. Fisher Asset Management LLC increased its stake in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after buying an additional 66,887 shares during the period. Northern Trust Corp increased its stake in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after buying an additional 246,807 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cummins by 6.5% in the 4th 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 buying an additional 99,009 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMI shares. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and lowered their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial decreased 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. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Finally, Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $357.25.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were bought 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 now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

Cummins Stock Up 2.8%

NYSE:CMI opened at $326.23 on Wednesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.02. The stock has a 50-day moving average price of $304.20 and a two-hundred day moving average price of $340.53.

Cummins (NYSE:CMI) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period in the previous year, the firm earned $5.08 earnings per share. The company’s revenue was down 2.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s payout ratio is 36.22%.

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.