Toronto Dominion Bank Reduces Position in Cummins Inc. (NYSE:CMI)

Toronto Dominion Bank cut its position in Cummins Inc. (NYSE:CMI) by 15.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,681 shares of the company’s stock after selling 10,726 shares during the period. Toronto Dominion Bank’s holdings in Cummins were worth $19,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Pathway Financial Advisers LLC raised its stake in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC raised its stake in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth $68,018,000. Renaissance Technologies LLC acquired a new stake in Cummins during the 2nd quarter worth $46,607,000. Finally, Fisher Asset Management LLC raised its stake in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.1 %

Shares of NYSE:CMI opened at $370.66 on Friday. The company has a market cap of $50.85 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 1.84 and a beta of 0.99. The firm’s 50-day simple moving average is $351.60 and its 200-day simple moving average is $312.44. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.73 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Analysts Set New Price Targets

Several equities research analysts recently commented on CMI shares. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Citigroup raised their price objective on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $352.85.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins 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.