Toronto Dominion Bank Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Toronto Dominion Bank reduced its stake in Cummins Inc. (NYSE:CMI) by 13.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,407 shares of the company’s stock after selling 10,992 shares during the quarter. Toronto Dominion Bank’s holdings in Cummins were worth $19,498,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Finally, JNBA Financial Advisors boosted its stake in shares of Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on CMI shares. Robert W. Baird increased their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Truist Financial raised their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Up 2.2 %

Cummins stock opened at $324.51 on Friday. The firm has a market capitalization of $44.39 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 1.81 and a beta of 0.98. The firm has a 50 day simple moving average of $299.14 and a 200 day simple moving average of $289.37. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the company posted $5.18 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.