TD Asset Management Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 12.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 322,565 shares of the company’s stock after acquiring an additional 35,035 shares during the period. TD Asset Management Inc.’s holdings in Cummins were worth $55,268,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Gradient Investments LLC boosted its position in Cummins by 102.8% during the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after acquiring an additional 74 shares during the last quarter. Guidant Wealth Advisors bought a new stake in Cummins during the first quarter valued at $29,000. SeaBridge Investment Advisors LLC bought a new stake in Cummins during the first quarter valued at $32,000. Meridian Wealth Management LLC bought a new stake in Cummins during the first quarter valued at $32,000. Finally, Sonora Investment Management LLC bought a new stake in Cummins during the second quarter valued at $32,000. 81.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on CMI. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Evercore ISI reaffirmed an “in-line” rating and set a $169.00 price target (up previously from $163.00) on shares of Cummins in a research report on Friday, May 31st. Wells Fargo & Co cut their price target on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Credit Suisse Group upped their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Morgan Stanley dropped their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $166.67.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm had revenue of $6.22 billion during the quarter, compared to the consensus estimate of $6.36 billion. During the same period in the previous year, the company posted $4.14 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 15.84 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be issued a $1.311 dividend. The ex-dividend date is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a yield of 3.60%. Cummins’s dividend payout ratio (DPR) is 34.47%.
Cummins Company Profile
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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