Toronto Dominion Bank boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 57.0% during the first quarter, Holdings Channel reports. The firm owned 41,836 shares of the company’s stock after buying an additional 15,197 shares during the period. Toronto Dominion Bank’s holdings in Cummins were worth $6,326,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of CMI. Pinnacle Bank purchased a new stake in Cummins during the first quarter valued at $105,000. Itau Unibanco Holding S.A. purchased a new stake in Cummins during the third quarter valued at $114,000. Cohen Capital Management Inc. purchased a new stake in Cummins during the first quarter valued at $121,000. First Manhattan Co. boosted its stake in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Cummins by 851.0% in the fourth quarter. Bessemer Group Inc. now owns 951 shares of the company’s stock valued at $130,000 after buying an additional 851 shares during the period. 80.81% of the stock is owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE:CMI) opened at 158.14 on Friday. The firm has a market capitalization of $26.46 billion, a price-to-earnings ratio of 18.13 and a beta of 1.27. Cummins Inc. has a 12-month low of $105.33 and a 12-month high of $163.36. The firm’s 50-day moving average is $154.14 and its 200-day moving average is $147.59.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.55. Cummins had a net margin of 7.96% and a return on equity of 19.99%. The business had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the previous year, the company posted $1.87 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 19th were issued a $1.025 dividend. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $4.10 annualized dividend and a yield of 2.59%. Cummins’s dividend payout ratio is presently 49.76%.
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Several analysts have recently weighed in on CMI shares. Credit Suisse Group AG set a $173.00 price target on shares of Cummins and gave the company a “buy” rating in a research note on Monday, March 27th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $164.00 price objective on the stock in a report on Tuesday, February 7th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday. Barclays PLC upped their price objective on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $150.00 price objective on shares of Cummins in a report on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $149.46.
In related news, insider Steven M. Chapman sold 6,540 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total value of $1,066,020.00. Following the sale, the insider now directly owns 17,042 shares of the company’s stock, valued at $2,777,846. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $151.03, for a total transaction of $604,120.00. Following the completion of the sale, the insider now directly owns 41,902 shares in the company, valued at $6,328,459.06. The disclosure for this sale can be found here. Insiders sold 38,576 shares of company stock worth $6,218,448 over the last ninety days. 0.57% of the stock is currently owned by corporate insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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