Trust Co. of Toledo NA OH Purchases 500 Shares of Cummins Inc. (NYSE:CMI)

Trust Co. of Toledo NA OH grew its position in shares of Cummins Inc. (NYSE:CMI) by 37.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,840 shares of the company’s stock after purchasing an additional 500 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Cummins were worth $451,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC boosted its stake in shares of Cummins by 634.9% during the first quarter. Fisher Asset Management LLC now owns 2,078,297 shares of the company’s stock valued at $496,464,000 after purchasing an additional 1,795,480 shares during the period. Envestnet Asset Management Inc. grew its holdings in Cummins by 623.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,930,868 shares of the company’s stock worth $66,772,000 after acquiring an additional 1,663,945 shares during the last quarter. Ontario Teachers Pension Plan Board increased its position in shares of Cummins by 8,126.3% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,421,184 shares of the company’s stock valued at $344,339,000 after acquiring an additional 1,403,908 shares during the period. Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at about $292,182,000. Finally, BlackRock Inc. increased its position in shares of Cummins by 5.6% in the first quarter. BlackRock Inc. now owns 12,218,003 shares of the company’s stock valued at $2,918,637,000 after acquiring an additional 645,553 shares during the period. 81.81% of the stock is currently owned by institutional investors.

Cummins Stock Performance

CMI opened at $235.50 on Friday. The stock has a market capitalization of $33.36 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.15 and a beta of 1.07. The company has a fifty day moving average of $243.28 and a 200 day moving average of $234.94. Cummins Inc. has a fifty-two week low of $200.40 and a fifty-two week high of $265.28. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.85 and a current ratio of 1.40.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.39 billion. Cummins had a net margin of 7.89% and a return on equity of 25.46%. The company’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same period last year, the business posted $4.77 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 19.91 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Friday, August 25th were given a $1.68 dividend. The ex-dividend date of this dividend was Thursday, August 24th. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.85%. This is an increase from Cummins’s previous quarterly dividend of $1.57. Cummins’s payout ratio is presently 37.65%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CMI shares. The Goldman Sachs Group boosted their price objective on shares of Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. Citigroup boosted their price objective on shares of Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Credit Suisse Group decreased their price objective on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. 888 reiterated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 31st. Finally, StockNews.com started coverage on shares of Cummins in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $266.17.

Cummins Company Profile

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.