TD Asset Management Inc Trims Stock Holdings in Cummins Inc. $CMI

TD Asset Management Inc reduced its stake in Cummins Inc. (NYSE:CMI) by 1.2% during the 2nd quarter, according to its most recent Form 13F 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 owned about 0.09% of Cummins worth $38,567,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter valued at $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter valued at $31,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins in the first quarter valued at $39,000. Costello Asset Management INC purchased a new stake in shares of Cummins in the first quarter valued at $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins in the first quarter valued at $41,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $422.34 on Friday. The firm has a market capitalization of $58.19 billion, a PE ratio of 19.86, a P/E/G ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The business has a 50-day moving average of $410.61 and a two-hundred day moving average of $352.08. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51.

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

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMI shares. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Finally, Robert W. Baird increased their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $407.43.

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.