Mackenzie Financial Corp Trims Stake in Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp lessened its holdings in Cummins Inc. (NYSE:CMI) by 25.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,924 shares of the company’s stock after selling 9,756 shares during the period. Mackenzie Financial Corp’s holdings in Cummins were worth $8,010,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Steward Partners Investment Advisory LLC boosted its position in shares of Cummins by 8.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,531 shares of the company’s stock valued at $1,325,000 after acquiring an additional 450 shares during the last quarter. California State Teachers Retirement System lifted its position in Cummins by 1.0% during the fourth quarter. California State Teachers Retirement System now owns 216,277 shares of the company’s stock valued at $51,813,000 after purchasing an additional 2,044 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its stake in Cummins by 80.8% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 2,318 shares of the company’s stock worth $555,000 after buying an additional 1,036 shares in the last quarter. KBC Group NV increased its holdings in shares of Cummins by 283.2% in the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Cummins by 54.8% during the 4th quarter. Jones Financial Companies Lllp now owns 633 shares of the company’s stock valued at $152,000 after buying an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.9 %

Shares of NYSE CMI opened at $323.47 on Tuesday. The firm’s fifty day moving average is $301.00 and its 200 day moving average is $290.70. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $333.43. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market cap of $44.24 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.18 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. increased their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Citigroup started coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $299.55.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% 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.