Cummins (NYSE:CMI) Upgraded at Evercore ISI

Evercore ISI upgraded shares of Cummins (NYSE:CMI) from an in-line rating to an outperform rating in a research note published on Wednesday morning, MarketBeat.com reports. Evercore ISI currently has $408.00 target price on the stock, up from their prior target price of $294.00.

Several other research firms have also recently weighed in on CMI. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $334.33.

Cummins Price Performance

Shares of CMI stock opened at $366.34 on Wednesday. The stock has a 50-day moving average price of $324.91 and a 200 day moving average price of $300.14. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $50.25 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 1.75 and a beta of 0.97. Cummins has a 12 month low of $220.02 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last issued its earnings results 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 return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business earned $4.73 earnings per share. The company’s revenue was up .3% compared to the same quarter last year. Research analysts expect that Cummins will post 20.44 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.99%. Cummins’s payout ratio is currently 48.08%.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,413 shares of company stock worth $8,249,879. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Hedge funds have recently made changes to their positions in the stock. First Commonwealth Financial Corp PA boosted its stake in Cummins by 13.2% during the third quarter. First Commonwealth Financial Corp PA now owns 1,494 shares of the company’s stock valued at $484,000 after buying an additional 174 shares during the period. CreativeOne Wealth LLC bought a new stake in Cummins during the third quarter worth about $295,000. BNP Paribas lifted its stake in Cummins by 5.4% during the third quarter. BNP Paribas now owns 982 shares of the company’s stock worth $318,000 after purchasing an additional 50 shares during the last quarter. Freedom Investment Management Inc. lifted its stake in Cummins by 405.2% during the third quarter. Freedom Investment Management Inc. now owns 3,663 shares of the company’s stock worth $1,186,000 after purchasing an additional 2,938 shares during the last quarter. Finally, Townsquare Capital LLC lifted its stake in Cummins by 7.3% during the third quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock worth $1,064,000 after purchasing an additional 223 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.