Cummins (NYSE:CMI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a research report released on Sunday,Wall Street Zen reports.

A number of other research firms have also recently commented on CMI. DA Davidson boosted their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup lowered their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. CICC Research assumed coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Stock Performance

Shares of NYSE CMI opened at $530.28 on Friday. The stock’s 50-day simple moving average is $542.21 and its two-hundred day simple moving average is $602.58. Cummins has a twelve month low of $413.98 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. The company’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 EPS. On average, equities analysts anticipate that Cummins will post 29.98 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 20th.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CMI. Pinnacle Wealth Planning Services Inc. grew its position in Cummins by 13.6% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,294 shares of the company’s stock worth $668,000 after acquiring an additional 155 shares during the last quarter. North Dakota State Investment Board increased its stake in Cummins by 3.4% in the 3rd quarter. North Dakota State Investment Board now owns 4,230 shares of the company’s stock worth $2,185,000 after purchasing an additional 138 shares during the period. VestGen Advisors LLC increased its stake in Cummins by 23.3% in the 3rd quarter. VestGen Advisors LLC now owns 2,229 shares of the company’s stock worth $1,151,000 after purchasing an additional 421 shares during the period. Laurel Wealth Advisors LLC bought a new stake in Cummins in the third quarter valued at approximately $42,000. Finally, Conning Inc. lifted its position in Cummins by 31.2% in the third quarter. Conning Inc. now owns 71,538 shares of the company’s stock valued at $36,954,000 after purchasing an additional 17,005 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.