Cummins (NYSE:CMI) Upgraded at Zacks Research

Zacks Research upgraded shares of Cummins (NYSE:CMI) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on CMI. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Citigroup lifted their price target on Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Truist Financial boosted their target price on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $492.75.

Cummins Stock Down 0.6%

Shares of NYSE CMI opened at $510.66 on Tuesday. Cummins has a 52-week low of $260.02 and a 52-week high of $526.50. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $485.29 and its two-hundred day moving average is $418.31. The firm has a market cap of $70.49 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 2.01 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.86 EPS. Research analysts predict that Cummins will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s payout ratio is currently 41.52%.

Insider Activity

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 27,330 shares of company stock valued at $12,649,764. 0.41% of the stock is owned by insiders.

Institutional Trading of Cummins

Large investors have recently bought and sold shares of the business. Motley Fool Asset Management LLC grew its position in shares of Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC boosted its holdings in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Cummins by 6.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after buying an additional 17,566 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Cummins by 71.3% during the third quarter. Farther Finance Advisors LLC now owns 5,884 shares of the company’s stock valued at $2,485,000 after acquiring an additional 2,449 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.