Mackenzie Financial Corp Sells 248 Shares of Cummins Inc. (NYSE:CMI)

Mackenzie Financial Corp trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,557 shares of the company’s stock after selling 248 shares during the period. Mackenzie Financial Corp’s holdings in Cummins were worth $7,800,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. B&D White Capital Company LLC bought a new position in Cummins in the fourth quarter worth about $551,000. Bison Wealth LLC raised its stake in Cummins by 3.6% in the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after buying an additional 42 shares in the last quarter. Cullen Investment Group LTD. bought a new position in Cummins in the fourth quarter worth about $4,152,000. Cornercap Investment Counsel Inc. raised its stake in Cummins by 2.2% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 9,790 shares of the company’s stock worth $2,345,000 after buying an additional 213 shares in the last quarter. Finally, Waldron Private Wealth LLC raised its stake in Cummins by 5.0% in the fourth quarter. Waldron Private Wealth LLC now owns 1,130 shares of the company’s stock worth $270,000 after buying an additional 54 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 1.3 %

NYSE:CMI opened at $287.56 on Friday. The company’s 50 day moving average price is $280.26 and its 200-day moving average price is $248.36. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a market cap of $39.33 billion, a price-to-earnings ratio of 55.51, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the company earned $4.52 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 18.24 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CMI. Truist Financial began coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective on the stock. The Goldman Sachs Group upped their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Citigroup upped their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $279.70.

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.