Toronto Dominion Bank Sells 3,344 Shares of Cummins Inc. (NYSE:CMI)

Toronto Dominion Bank trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 3.9% in the first quarter, Holdings Channel reports. The fund owned 81,399 shares of the company’s stock after selling 3,344 shares during the quarter. Toronto Dominion Bank’s holdings in Cummins were worth $23,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CMI. Price T Rowe Associates Inc. MD lifted its stake in shares of Cummins by 3.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after buying an additional 246,025 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after buying an additional 106,017 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cummins by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after buying an additional 96,387 shares during the period. Ontario Teachers Pension Plan Board raised its position in Cummins by 3.1% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after purchasing an additional 43,090 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CMI shares. The Goldman Sachs Group increased their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. TD Cowen raised their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Truist Financial dropped their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $287.18.

Insider Buying and Selling at Cummins

In other Cummins news, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock traded up $7.21 during midday trading on Friday, reaching $290.38. The company had a trading volume of 545,046 shares, compared to its average volume of 800,033. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $39.72 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. The stock has a fifty day simple moving average of $279.25 and a 200 day simple moving average of $274.44. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, equities research analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Cummins Company Profile

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.