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

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

A number of other analysts also recently weighed in on the company. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. 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. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $334.33.

Cummins Stock Down 0.5 %

Shares of Cummins stock opened at $361.85 on Wednesday. Cummins has a one year low of $220.02 and a one year 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. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a fifty day moving average of $327.55 and a two-hundred day moving average of $301.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the company posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts forecast that Cummins will post 20.61 earnings per share for the current year.

Cummins Dividend Announcement

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

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,540,879.47. This trade represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 over the last quarter. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CMI. PFG Investments LLC increased its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC grew its stake in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares during the period. Distillate Capital Partners LLC increased its holdings in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cummins in the 2nd quarter worth $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Cummins by 13.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.