Toronto Dominion Bank increased its stake in Cummins Inc. (NYSE:CMI) by 24.8% during the first quarter, HoldingsChannel.com reports. The fund owned 84,085 shares of the company’s stock after buying an additional 16,692 shares during the period. Toronto Dominion Bank’s holdings in Cummins were worth $13,626,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of CMI. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Cummins in the fourth quarter worth approximately $210,124,000. BlackRock Inc. increased its holdings in Cummins by 8.3% in the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after purchasing an additional 898,512 shares in the last quarter. Boston Partners increased its holdings in Cummins by 33.1% in the fourth quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after purchasing an additional 819,719 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Cummins by 107.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock worth $209,524,000 after purchasing an additional 613,102 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Cummins by 272.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock worth $113,014,000 after purchasing an additional 468,200 shares in the last quarter. 81.37% of the stock is currently owned by institutional investors.
A number of equities research analysts have weighed in on CMI shares. Credit Suisse Group lowered their target price on Cummins from $205.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 2nd. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. UBS downgraded Cummins from a “neutral” rating to a “sell” rating and set a $136.00 target price for the company. in a report on Tuesday, May 1st. Citigroup lifted their target price on Cummins from $185.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Finally, Morgan Stanley started coverage on Cummins in a report on Friday, March 2nd. They issued an “equal weight” rating and a $173.00 target price for the company. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $171.45.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 1st. The company reported $3.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.91 by $0.39. Cummins had a return on equity of 23.47% and a net margin of 4.33%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the company posted $2.36 earnings per share. Cummins’s revenue was up 21.4% compared to the same quarter last year. equities analysts anticipate that Cummins Inc. will post 13.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $4.32 annualized dividend and a yield of 2.95%. Cummins’s dividend payout ratio (DPR) is currently 40.68%.
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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