TD Asset Management Inc Reduces Stock Position in Cummins Inc. $CMI

TD Asset Management Inc cut its holdings in Cummins Inc. (NYSE:CMI) by 29.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,829 shares of the company’s stock after selling 34,933 shares during the period. TD Asset Management Inc owned about 0.06% of Cummins worth $34,984,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Waratah Capital Advisors Ltd. acquired a new stake in shares of Cummins during the 3rd quarter worth about $11,834,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in Cummins during the third quarter worth approximately $2,707,000. Mufg Securities Americas Inc. lifted its position in shares of Cummins by 21.7% during the 3rd quarter. Mufg Securities Americas Inc. now owns 3,716 shares of the company’s stock worth $1,570,000 after buying an additional 663 shares during the last quarter. Lcnb Corp grew its position in shares of Cummins by 8.4% in the 3rd quarter. Lcnb Corp now owns 1,292 shares of the company’s stock valued at $546,000 after buying an additional 100 shares during the last quarter. Finally, Compound Planning Inc. raised its stake in Cummins by 18.9% during the 3rd quarter. Compound Planning Inc. now owns 2,657 shares of the company’s stock worth $1,122,000 after acquiring an additional 423 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Raymond James Financial lifted their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Robert W. Baird set a $580.00 price target on shares of Cummins in a research note on Friday, February 6th. Truist Financial reissued a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Finally, Citigroup upped their target price on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Performance

NYSE CMI opened at $584.37 on Friday. The business’s 50 day moving average is $566.52 and its two-hundred day moving average is $484.51. The stock has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.86 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter last year, the company earned $5.16 earnings per share. Cummins’s quarterly revenue was up 1.1% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.