Bank of Nova Scotia purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 120,821 shares of the company's stock, valued at approximately $86,171,000. Bank of Nova Scotia owned approximately 0.09% of Cummins at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in CMI. Kendall Capital Management acquired a new position in Cummins in the second quarter worth approximately $5,511,000. Compass Financial Management LLC acquired a new position in shares of Cummins in the 2nd quarter worth $344,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Cummins during the second quarter worth $10,671,000. Alta Advisers Ltd acquired a new stake in shares of Cummins during the second quarter worth $363,000. Finally, Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Cummins during the second quarter valued at $5,022,000. Institutional investors own 83.46% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Raymond James Financial boosted their price objective on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a report on Tuesday, May 26th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings raised shares of Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Finally, Argus lifted 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's stock. Based on data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and a consensus target price of $745.64.
Get Our Latest Analysis on Cummins
Cummins Stock Down 0.9%
NYSE:CMI opened at $587.87 on Friday. The business's fifty day moving average price is $660.86 and its 200 day moving average price is $628.31. The firm has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76.
Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 earnings per share. The company's revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. Cummins's dividend payout ratio is 40.88%.
Cummins Profile
(
Free Report)
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.
Further Reading
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