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

Key Points

• TD Waterhouse Canada increased its Cummins holdings by 262.1% in the third quarter, purchasing 121,216 additional shares for a total position of 167,468 shares valued at approximately $86.5 million.
• Institutional investors and hedge funds own 83.46% of Cummins, while an insider recently sold 698 shares. The stock traded at $530.72, down 0.4%, after the company reported revenue growth but missed quarterly earnings expectations.
• Cummins declared a quarterly dividend of $2.20 per share, equal to an annualized $8.80 dividend and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $708.18.

TD Waterhouse Canada Inc. increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 262.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,468 shares of the company's stock after purchasing an additional 121,216 shares during the quarter. TD Waterhouse Canada Inc. owned approximately 0.12% of Cummins worth $86,509,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new position in Cummins during the 2nd quarter worth $8,204,241,000. Bank of America Corp DE bought a new stake in shares of Cummins in the 2nd quarter valued at about $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins in the 2nd quarter valued at about $973,198,000. Legal & General Group Plc acquired a new stake in shares of Cummins in the second quarter valued at about $666,635,000. Finally, Amundi raised its position in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company's stock worth $637,446,000 after acquiring an additional 147,093 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by corporate insiders.

Cummins Trading Down 0.4%

Shares of NYSE:CMI traded down $2.01 during midday trading on Friday, reaching $530.72. The company's stock had a trading volume of 1,255,487 shares, compared to its average volume of 1,127,504. The firm has a market capitalization of $73.06 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 1.41 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm has a 50 day moving average price of $555.86 and a two-hundred day moving average price of $619.86. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company earned $6.43 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. 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 dividend payout ratio (DPR) is 44.97%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Truist Financial cut their price objective on Cummins from $894.00 to $779.00 and set a "buy" rating on the stock in a research note 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. Bank of America lowered their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Wells Fargo & Company reduced their price objective on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Cummins has an average rating of "Moderate Buy" and an average price target of $708.18.

Cummins Company 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.

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