Bank of Nova Scotia Acquires 30,372 Shares of Cummins Inc. (NYSE:CMI)

Bank of Nova Scotia increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 175.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 47,704 shares of the company’s stock after acquiring an additional 30,372 shares during the period. 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 modified their holdings of CMI. Global Trust Asset Management LLC lifted its stake in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter valued at $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the 4th quarter valued at $27,000. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins in the 4th quarter valued at $28,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Robert W. Baird lifted their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Citigroup dropped their target price on Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a research note on Tuesday. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $359.75.

Cummins Stock Performance

NYSE CMI opened at $296.51 on Thursday. The stock has a market cap of $40.84 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The business has a fifty day moving average of $338.50 and a 200-day moving average of $347.35. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

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.