Cummins (NYSE:CMI) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

A number of other equities research analysts also recently commented on CMI. TheStreet downgraded Cummins from an a- rating to a c+ rating in a research report on Tuesday, February 6th. Evercore ISI lifted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an in-line rating in a research report on Tuesday, February 20th. Truist Financial upped their price objective on shares of Cummins from $303.00 to $319.00 and gave the stock a hold rating in a report on Friday, May 3rd. Robert W. Baird cut their target price on Cummins from $298.00 to $295.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Finally, TD Cowen raised their price target on Cummins from $260.00 to $272.00 and gave the stock an outperform rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $282.55.

Cummins Trading Up 0.7 %

Shares of CMI opened at $288.97 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $286.11 and a 200 day moving average price of $253.84. Cummins has a 12-month low of $203.18 and a 12-month high of $304.24. The firm has a market capitalization of $39.53 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 EPS. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts forecast that Cummins will post 18.45 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.33%. Cummins’s payout ratio is 49.19%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders have sold a total of 55,169 shares of company stock valued at $14,689,855 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Texas Yale Capital Corp. grew its holdings in shares of Cummins by 3.1% during the first quarter. Texas Yale Capital Corp. now owns 3,280 shares of the company’s stock worth $966,000 after purchasing an additional 100 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Cummins by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 165,256 shares of the company’s stock worth $48,693,000 after buying an additional 7,470 shares during the last quarter. Pettyjohn Wood & White Inc. acquired a new position in Cummins during the first quarter worth approximately $215,000. Rogco LP lifted its stake in Cummins by 8.7% in the first quarter. Rogco LP now owns 1,063 shares of the company’s stock valued at $313,000 after buying an additional 85 shares during the last quarter. Finally, Koshinski Asset Management Inc. boosted its holdings in shares of Cummins by 59.5% in the first quarter. Koshinski Asset Management Inc. now owns 1,496 shares of the company’s stock valued at $441,000 after acquiring an additional 558 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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 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.