TD Waterhouse Canada Inc. Purchases 7,452 Shares of Cummins Inc. $CMI

TD Waterhouse Canada Inc. raised its position in Cummins Inc. (NYSE:CMI) by 19.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 46,252 shares of the company’s stock after purchasing 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 filing with the SEC.

Several other large investors also recently modified their holdings of CMI. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Cummins during the 2nd quarter valued at about $26,000. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the fourth quarter worth approximately $27,000. Kemnay Advisory Services Inc. bought a new stake in Cummins in the fourth quarter worth approximately $28,000. Finally, Birchwood Financial Partners Inc. bought a new stake in Cummins in the fourth quarter worth approximately $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 2.9%

NYSE CMI opened at $561.44 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $390.11 and a 52 week high of $737.76. The business has a 50 day moving average price of $632.30 and a 200-day moving average price of $626.49. The company has a market cap of $77.29 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 1.47 and a beta of 1.23.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.43 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. Cummins’s payout ratio is 44.97%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating for the company. Finally, UBS Group decreased their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $764.54.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Cummins Company 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.