Cummins Inc. (NYSE:CMI) Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 175.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,704 shares of the company's stock after acquiring an additional 30,372 shares during the quarter. Bank of Nova Scotia's holdings in Cummins were worth $16,630,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Mariner Investment Group LLC purchased a new stake in shares of Cummins in the 4th quarter valued at about $1,046,000. FMR LLC lifted its stake in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after buying an additional 67,266 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after acquiring an additional 3,298 shares during the period. Franklin Resources Inc. grew its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after acquiring an additional 99,464 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after acquiring an additional 6,107 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock traded down $0.10 during trading on Tuesday, reaching $288.47. 132,889 shares of the company were exchanged, compared to its average volume of 921,513. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock's 50 day moving average price is $333.97 and its 200 day moving average price is $346.72. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a market cap of $39.73 billion, a P/E ratio of 10.24, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.14 EPS. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.52%. Cummins's dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

Several brokerages have issued reports on CMI. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Citigroup dropped their target price on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $346.50.

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.