Scotia Capital Inc. Lowers Position in Cummins Inc. (NYSE:CMI)

Scotia Capital Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 29.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,680 shares of the company’s stock after selling 2,842 shares during the quarter. Scotia Capital Inc.’s holdings in Cummins were worth $2,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in Cummins by 51.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock valued at $1,389,000 after buying an additional 1,462 shares during the last quarter. Advisory Resource Group grew its holdings in shares of Cummins by 1.0% in the third quarter. Advisory Resource Group now owns 15,328 shares of the company’s stock valued at $4,963,000 after acquiring an additional 155 shares in the last quarter. SkyView Investment Advisors LLC increased its position in shares of Cummins by 3.9% during the third quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company’s stock valued at $1,727,000 after acquiring an additional 202 shares during the last quarter. Stock Yards Bank & Trust Co. lifted its holdings in Cummins by 1.8% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company’s stock worth $1,648,000 after acquiring an additional 88 shares during the period. Finally, Pine Valley Investments Ltd Liability Co purchased a new position in Cummins in the third quarter worth $209,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup reduced their target price on shares of Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Finally, Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $354.17.

Cummins Stock Performance

Shares of CMI stock opened at $286.00 on Friday. The firm’s 50 day moving average is $335.61 and its 200 day moving average is $346.83. The stock has a market capitalization of $39.40 billion, a P/E ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.14 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.55%. Cummins’s dividend payout ratio is currently 25.84%.

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.