TD Asset Management Inc. decreased its position in shares of Cummins Inc. (NYSE:CMI) by 6.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,881 shares of the company’s stock after selling 16,110 shares during the quarter. TD Asset Management Inc. owned 0.14% of Cummins worth $33,433,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. IFM Investors Pty Ltd lifted its position in Cummins by 46.5% during the second quarter. IFM Investors Pty Ltd now owns 7,203 shares of the company’s stock worth $958,000 after purchasing an additional 2,287 shares during the period. State of Alaska Department of Revenue lifted its position in Cummins by 38.2% during the second quarter. State of Alaska Department of Revenue now owns 40,133 shares of the company’s stock worth $5,336,000 after purchasing an additional 11,090 shares during the period. Trust Co. of Vermont lifted its holdings in shares of Cummins by 29.8% in the second quarter. Trust Co. of Vermont now owns 2,518 shares of the company’s stock worth $335,000 after acquiring an additional 578 shares during the last quarter. Handelsbanken Fonder AB bought a new position in shares of Cummins in the second quarter worth about $450,000. Finally, Xact Kapitalforvaltning AB lifted its holdings in shares of Cummins by 6.6% in the second quarter. Xact Kapitalforvaltning AB now owns 17,272 shares of the company’s stock worth $2,297,000 after acquiring an additional 1,075 shares during the last quarter. 79.79% of the stock is owned by institutional investors and hedge funds.
CMI has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $156.00 to $137.00 in a report on Friday, August 24th. Wells Fargo & Co set a $158.00 target price on shares of Cummins and gave the stock a “hold” rating in a report on Wednesday, August 1st. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, September 3rd. ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Finally, Robert W. Baird raised shares of Cummins from an “underperform” rating to a “neutral” rating in a report on Wednesday, October 31st. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and an average target price of $163.30.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The company had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter in the prior year, the firm posted $2.71 earnings per share. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 15.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, November 14th. Cummins’s dividend payout ratio is currently 42.94%.
Cummins announced that its board has authorized a share repurchase plan on Tuesday, October 9th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
In other news, Director Alexis M. Herman sold 775 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $143.64, for a total value of $111,321.00. Following the completion of the transaction, the director now owns 30,069 shares of the company’s stock, valued at $4,319,111.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Andrew Smith sold 501 shares of the stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total transaction of $76,788.27. Following the sale, the vice president now directly owns 4,463 shares of the company’s stock, valued at approximately $684,044.01. The disclosure for this sale can be found here. Insiders sold 26,495 shares of company stock valued at $3,974,777 in the last ninety days. 0.62% of the stock is currently owned by insiders.
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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