Mackenzie Financial Corp Has $7.72 Million Stock Position in Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp trimmed its position in Cummins Inc. (NYSE:CMI) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,641 shares of the company’s stock after selling 1,016 shares during the quarter. Mackenzie Financial Corp’s holdings in Cummins were worth $7,723,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prosperity Consulting Group LLC acquired a new stake in Cummins in the first quarter worth about $240,000. LPL Financial LLC increased its position in Cummins by 5.1% in the first quarter. LPL Financial LLC now owns 351,780 shares of the company’s stock worth $110,262,000 after purchasing an additional 17,118 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cummins by 0.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,919 shares of the company’s stock worth $49,498,000 after purchasing an additional 500 shares during the period. Bedel Financial Consulting Inc. increased its position in Cummins by 0.9% in the first quarter. Bedel Financial Consulting Inc. now owns 6,635 shares of the company’s stock worth $1,979,000 after purchasing an additional 56 shares during the period. Finally, Empirical Finance LLC increased its position in Cummins by 2.2% in the first quarter. Empirical Finance LLC now owns 4,887 shares of the company’s stock worth $1,532,000 after purchasing an additional 103 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on CMI. Barclays boosted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Truist Financial decreased their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Evercore ISI decreased their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, UBS Group lowered Cummins from a “buy” rating to a “sell” rating and decreased their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $361.92.

Cummins Trading Up 0.5%

NYSE:CMI opened at $367.48 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The stock has a market capitalization of $50.62 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. The business’s 50-day simple moving average is $333.53 and its 200-day simple moving average is $331.33.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

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.