TD Asset Management Inc Sells 6,913 Shares of Cummins Inc. (NYSE:CMI)

TD Asset Management Inc trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 119,139 shares of the company's stock after selling 6,913 shares during the quarter. TD Asset Management Inc owned approximately 0.09% of Cummins worth $37,343,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Northern Trust Corp grew its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after buying an additional 246,807 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock valued at $566,856,000 after buying an additional 99,009 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Cummins by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after buying an additional 12,722 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in Cummins by 3.7% in the 4th quarter. Royal Bank of Canada now owns 1,271,279 shares of the company's stock valued at $443,169,000 after buying an additional 44,907 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock opened at $371.12 on Tuesday. The company has a 50 day moving average of $331.07 and a 200-day moving average of $330.80. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The company has a market cap of $51.13 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly 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. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the prior year, the firm posted $5.08 EPS. The firm's quarterly revenue was down 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is 36.22%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Robert W. Baird upped their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Barclays upped their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Morgan Stanley increased their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Hold" and a consensus target price of $361.92.

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.

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