Bank of Nova Scotia Grows Position in Cummins Inc. $CMI

Bank of Nova Scotia boosted its position in Cummins Inc. (NYSE:CMI) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,925 shares of the company’s stock after acquiring an additional 949 shares during the quarter. Bank of Nova Scotia’s holdings in Cummins were worth $15,562,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Valmark Advisers Inc. increased its holdings in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC lifted its holdings in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares during the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC increased its holdings in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares during the last quarter. Finally, Financial Consulate Inc. increased its holdings in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Argus boosted their price objective 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. Finally, Truist Financial upped their target price on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $740.07.

Cummins Stock Down 0.2%

Shares of NYSE CMI opened at $663.96 on Friday. The stock has a market cap of $91.62 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The business has a 50-day moving average price of $672.19 and a 200 day moving average price of $619.28.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.96 EPS. Equities research analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 41.52%.

Insider Activity at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. Company insiders own 0.30% of the company’s stock.

About Cummins

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.