Cummins Inc. $CMI Shares Sold by TD Asset Management Inc

TD Asset Management Inc lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,762 shares of the company’s stock after selling 1,377 shares during the quarter. TD Asset Management Inc’s holdings in Cummins were worth $38,567,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CMI. Raymond James Financial Inc. grew its stake in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. AQR Capital Management LLC grew its stake in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after purchasing an additional 424,294 shares in the last quarter. Nuveen LLC bought a new position in Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. lifted its holdings in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after buying an additional 319,277 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.2%

Shares of NYSE CMI opened at $422.34 on Friday. The company has a market cap of $58.19 billion, a price-to-earnings ratio of 19.86, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $410.61 and its 200 day simple moving average is $352.08.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s payout ratio is presently 37.61%.

Analysts Set New Price Targets

A number of research analysts have commented on CMI shares. JPMorgan Chase & Co. increased their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird increased their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $407.43.

Insider Activity

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

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.