Mackenzie Financial Corp lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 246.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,778 shares of the company’s stock after buying an additional 4,108 shares during the period. Mackenzie Financial Corp’s holdings in Cummins were worth $1,021,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $168,000. Krilogy Financial LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $168,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Cummins during the 4th quarter worth approximately $205,000. Stock Yards Bank & Trust Co. acquired a new stake in shares of Cummins during the 4th quarter worth approximately $206,000. Finally, Cadence Bank NA acquired a new stake in shares of Cummins during the 4th quarter worth approximately $205,000. 84.20% of the stock is owned by institutional investors.
Cummins Inc. (NYSE:CMI) opened at $162.37 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.57. Cummins Inc. has a 52 week low of $143.83 and a 52 week high of $194.18. The firm has a market capitalization of $26,901.99, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 1.13 and a beta of 1.19.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.66%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 72.61%.
CMI has been the subject of several recent analyst reports. Bank of America raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective for the company in a research report on Friday, January 19th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a report on Friday, February 9th. Wells Fargo & Co reiterated a “buy” rating and issued a $195.00 target price (down from $210.00) on shares of Cummins in a report on Thursday, February 22nd. Finally, TheStreet cut Cummins from a “b” rating to a “c+” rating in a report on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $187.61.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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