TD Waterhouse Canada Inc. Acquires 121,216 Shares of Cummins Inc. $CMI

TD Waterhouse Canada Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 262.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,468 shares of the company’s stock after acquiring an additional 121,216 shares during the period. TD Waterhouse Canada Inc.’s holdings in Cummins were worth $86,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stronghold Wealth Management L.L.C. grew its stake in Cummins by 13.4% in the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 389 shares of the company’s stock valued at $201,000 after purchasing an additional 46 shares during the period. Cyndeo Wealth Partners LLC boosted its holdings in shares of Cummins by 1,646.9% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 18,080 shares of the company’s stock worth $9,340,000 after buying an additional 17,045 shares during the last quarter. Aspiriant LLC grew its position in Cummins by 7.1% during the third quarter. Aspiriant LLC now owns 709 shares of the company’s stock valued at $366,000 after buying an additional 47 shares during the period. Shelton Wealth Management LLC bought a new position in Cummins during the third quarter valued at about $1,301,000. Finally, Pension & Wealth Management Advisors Inc. purchased a new stake in Cummins during the third quarter worth about $48,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI traded down $2.01 during trading hours on Friday, hitting $530.72. The stock had a trading volume of 1,255,487 shares, compared to its average volume of 1,127,504. Cummins Inc. has a 1 year low of $405.82 and a 1 year high of $737.76. The company’s fifty day simple moving average is $555.86 and its 200 day simple moving average is $619.86. The stock has a market cap of $73.06 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $6.43 earnings per share. Equities analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is 44.97%.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on CMI shares. Truist Financial lowered their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. CICC Research began coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Finally, Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $708.18.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.