Toronto Dominion Bank decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 16.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,170 shares of the company’s stock after selling 18,254 shares during the quarter. Toronto Dominion Bank owned approximately 0.06% of Cummins worth $15,617,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. Gradient Investments LLC grew its position in Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after purchasing an additional 74 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in Cummins during the second quarter worth $26,000. Meridian Wealth Management LLC acquired a new position in Cummins during the first quarter worth $32,000. Sonora Investment Management LLC acquired a new position in Cummins during the second quarter worth $32,000. Finally, Lenox Wealth Advisors LLC purchased a new stake in shares of Cummins during the second quarter worth $33,000. Institutional investors own 82.34% of the company’s stock.
A number of research analysts have commented on CMI shares. Morgan Stanley decreased their target price on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Wells Fargo & Co reduced their target price on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a report on Monday, June 3rd. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and dropped their price target for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Finally, Evercore ISI restated an “in-line” rating and set a $169.00 target price (up from $163.00) on shares of Cummins in a research report on Friday, May 31st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Cummins currently has an average rating of “Hold” and a consensus price target of $166.67.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. During the same quarter last year, the firm earned $4.14 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 15.84 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st were given a dividend of $1.311 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a yield of 3.16%. Cummins’s payout ratio is 39.61%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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