Cummins (NYSE:CMI) Upgraded by Evercore ISI to “Outperform” Rating

Evercore ISI upgraded shares of Cummins (NYSE:CMI) from an in-line rating to an outperform rating in a report released on Wednesday morning, Marketbeat.com reports. They currently have $408.00 target price on the stock, up from their previous target price of $294.00.

Other analysts also recently issued research reports about the stock. Citigroup boosted their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $334.33.

Cummins Stock Down 0.5 %

Shares of Cummins stock opened at $361.85 on Wednesday. The firm’s 50 day moving average price is $328.91 and its 200-day moving average price is $301.51. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins has a 52-week low of $220.02 and a 52-week high of $370.21. The company has a market cap of $49.64 billion, a P/E ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the previous year, the firm earned $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts predict that Cummins will post 20.61 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock worth $9,033,945 in the last three months. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of large investors have recently added to or reduced their stakes in the stock. Chicago Capital LLC raised its position in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares during the period. Equitable Trust Co. raised its position in Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC raised its position in Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the period. EP Wealth Advisors LLC raised its position in Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC raised its position in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.