Cummins Inc. (NYSE:CMI) Stock Holdings Boosted by Toronto Dominion Bank

Toronto Dominion Bank lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 17.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 69,814 shares of the company's stock after acquiring an additional 10,133 shares during the period. Toronto Dominion Bank owned approximately 0.05% of Cummins worth $24,336,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Park Avenue Securities LLC raised its position in shares of Cummins by 29.7% in the fourth quarter. Park Avenue Securities LLC now owns 5,821 shares of the company's stock worth $2,029,000 after acquiring an additional 1,333 shares during the period. Avanza Fonder AB acquired a new position in shares of Cummins during the 4th quarter valued at about $84,000. Merit Financial Group LLC grew its stake in shares of Cummins by 177.5% in the 4th quarter. Merit Financial Group LLC now owns 12,835 shares of the company's stock valued at $4,474,000 after buying an additional 8,209 shares during the period. Brooklyn Investment Group raised its holdings in Cummins by 11.1% in the 4th quarter. Brooklyn Investment Group now owns 663 shares of the company's stock valued at $231,000 after buying an additional 66 shares during the period. Finally, Arkadios Wealth Advisors lifted its stake in Cummins by 24.1% during the fourth quarter. Arkadios Wealth Advisors now owns 7,544 shares of the company's stock worth $2,630,000 after purchasing an additional 1,465 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CMI. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and cut their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Morgan Stanley upped their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Citigroup boosted their price target on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Cummins has a consensus rating of "Hold" and an average target price of $352.17.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 0.5%

Shares of CMI stock traded down $1.73 during mid-day trading on Thursday, reaching $321.48. The company's stock had a trading volume of 714,728 shares, compared to its average volume of 805,506. The company's 50 day simple moving average is $304.57 and its 200-day simple moving average is $341.39. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a market capitalization of $44.28 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Cummins 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.