Scotia Capital Inc. Buys 34 Shares of Cummins Inc. (NYSE:CMI)

by · The Cerbat Gem

Scotia Capital Inc. increased its position in Cummins Inc. (NYSE:CMI – Free Report) by 0.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,714 shares of the company’s stock after acquiring an additional 34 shares during the quarter. Scotia Capital Inc.’s holdings in Cummins were worth $2,104,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Olde Wealth Management LLC bought a new position in Cummins in the 1st quarter worth about $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins during the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the 1st quarter worth approximately $37,000. Richardson Financial Services Inc. bought a new position in shares of Cummins during the 1st quarter valued at $39,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $45,000. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CMI shares. Citigroup restated a “buy” rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Finally, Truist Financial decreased their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $361.92.

Read Our Latest Research Report on CMI

Cummins Stock Up 3.3%

NYSE:CMI opened at $373.58 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company’s fifty day moving average price is $336.13 and its 200-day moving average price is $331.08. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The firm has a market capitalization of $51.46 billion, a P/E ratio of 18.59, a PEG ratio of 2.01 and a beta of 1.02.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $5.26 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.1%. Cummins’s dividend payout ratio is presently 36.22%.

About Cummins

(Free Report)

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.

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