Mackenzie Financial Corp Has $8.94 Million Stock Position in Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,657 shares of the company's stock after selling 933 shares during the period. Mackenzie Financial Corp's holdings in Cummins were worth $8,944,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. BankPlus Trust Department bought a new stake in Cummins during the fourth quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the 4th quarter worth $27,000. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC purchased a new position in Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the 4th quarter valued at $30,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the company from $410.00 to $431.00 in a report on Tuesday. Finally, Citigroup increased their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Hold" and an average target price of $357.25.

Cummins Stock Performance

Shares of CMI stock traded down $4.02 on Friday, hitting $320.84. 1,489,393 shares of the stock traded hands, compared to its average volume of 805,237. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $44.20 billion, a PE ratio of 11.39, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company's fifty day moving average is $304.10 and its 200 day moving average is $340.18.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the prior year, the company posted $5.08 EPS. The business's revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Cummins Company Profile

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.