TD Private Client Wealth LLC Sells 4,914 Shares of Cummins Inc. $CMI

TD Private Client Wealth LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 26.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,475 shares of the company’s stock after selling 4,914 shares during the period. TD Private Client Wealth LLC’s holdings in Cummins were worth $5,691,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Motley Fool Asset Management LLC boosted its position in Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC raised its position in shares of Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cummins by 6.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. New York State Teachers Retirement System boosted its holdings in Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Cummins by 71.3% in the third quarter. Farther Finance Advisors LLC now owns 5,884 shares of the company’s stock worth $2,485,000 after purchasing an additional 2,449 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 1.8%

Cummins stock opened at $562.23 on Tuesday. The company’s 50 day simple moving average is $501.02 and its 200 day simple moving average is $430.78. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $562.80. The firm has a market capitalization of $77.61 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 1.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.86 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 19,330 shares of company stock worth $9,135,364. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on CMI. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price target on shares of Cummins in a research report on Friday, November 7th. Argus increased their price objective on shares of Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Truist Financial raised their price objective on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $492.75.

Cummins 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.