TD Waterhouse Canada Inc. Grows Position in Cummins Inc. $CMI

TD Waterhouse Canada Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 19.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 46,252 shares of the company’s stock after acquiring an additional 7,452 shares during the period. TD Waterhouse Canada Inc.’s holdings in Cummins were worth $31,562,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after purchasing an additional 350,910 shares during the last quarter. Kepler Cheuvreux Suisse SA bought a new position in Cummins during the fourth quarter valued at about $7,869,000. Westfield Capital Management Co. LP purchased a new stake in Cummins during the fourth quarter worth about $7,797,000. Nomura Asset Management Co. Ltd. increased its holdings in Cummins by 26.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock worth $58,012,000 after buying an additional 24,080 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in Cummins in the first quarter worth about $3,766,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $561.44 on Friday. The company has a market capitalization of $77.29 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 1.47 and a beta of 1.23. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $632.30 and a 200-day moving average price of $626.49. Cummins Inc. has a twelve month low of $390.11 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.43 earnings per share. Equities analysts expect that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were given a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Truist Financial set a $894.00 price objective on Cummins in a research note on Wednesday, August 5th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $764.54.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.