Toronto Dominion Bank Sells 10,726 Shares of Cummins Inc. (NYSE:CMI)

Toronto Dominion Bank cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 15.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,681 shares of the company's stock after selling 10,726 shares during the quarter. Toronto Dominion Bank's holdings in Cummins were worth $19,324,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the period. Fisher Asset Management LLC grew its stake in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP lifted its stake in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock worth $469,869,000 after purchasing an additional 26,977 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock valued at $468,503,000 after purchasing an additional 31,190 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.8 %

Cummins stock traded down $2.86 during mid-day trading on Friday, hitting $367.71. The company had a trading volume of 674,994 shares, compared to its average volume of 1,412,656. The stock's 50 day moving average price is $352.47 and its two-hundred day moving average price is $312.84. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $50.44 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business earned $4.73 EPS. Cummins's revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio (DPR) is 48.08%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and increased their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $352.85.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company's stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.