Toronto Dominion Bank Has $24.34 Million Stock Position in Cummins Inc. (NYSE:CMI)

Toronto Dominion Bank increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 17.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,814 shares of the company's stock after purchasing an additional 10,133 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of Cummins worth $24,336,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CMI. BankPlus Trust Department acquired a new stake in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new position in Cummins in the 4th quarter valued at $27,000. Meeder Asset Management Inc. increased its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC acquired a new stake in shares of Cummins during the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Cummins in the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

NYSE:CMI traded down $4.02 on Friday, hitting $320.84. The company had a trading volume of 1,489,393 shares, compared to its average volume of 805,237. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $44.20 billion, a price-to-earnings ratio of 11.39, a PEG ratio of 2.19 and a beta of 1.02. The firm has a 50 day moving average of $304.10 and a two-hundred day moving average of $340.18.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's 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 anticipate 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, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.27%. Cummins's payout ratio is presently 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays increased their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their price target for the stock from $410.00 to $431.00 in a research report on Tuesday. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of "Hold" and a consensus price target of $357.25.

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.