Cummins (NYSE:CMI) Upgraded at StockNews.com

StockNews.com upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a report issued on Monday.

Several other equities analysts have also weighed in on CMI. The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They issued an overweight rating and a $278.00 target price on the stock. Evercore ISI raised their price target on Cummins from $231.00 to $244.00 and gave the stock an in-line rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. raised their price target on Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a research report on Monday, March 25th. Finally, UBS Group raised Cummins from a neutral rating to a buy rating and raised their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $279.70.

Cummins Trading Up 1.0 %

Shares of CMI opened at $290.36 on Monday. Cummins has a 12-month low of $203.18 and a 12-month high of $304.24. The stock’s fifty day simple moving average is $280.93 and its 200-day simple moving average is $249.14. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $39.71 billion, a PE ratio of 56.05, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the company posted $4.52 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts predict that Cummins will post 18.31 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued 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 2.31%. Cummins’s payout ratio is presently 129.73%.

Insider Buying and Selling

In related 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 transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on 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 sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Cummins by 4.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 159,419 shares of the company’s stock worth $46,973,000 after purchasing an additional 6,872 shares during the last quarter. Confluence Wealth Services Inc. lifted its holdings in Cummins by 38.2% during the 1st quarter. Confluence Wealth Services Inc. now owns 2,567 shares of the company’s stock worth $756,000 after purchasing an additional 709 shares during the last quarter. Kessler Investment Group LLC lifted its holdings in Cummins by 57.7% during the 1st quarter. Kessler Investment Group LLC now owns 1,975 shares of the company’s stock worth $582,000 after purchasing an additional 723 shares during the last quarter. Raymond James & Associates lifted its holdings in Cummins by 0.4% during the 1st quarter. Raymond James & Associates now owns 259,104 shares of the company’s stock worth $76,345,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Lakewood Asset Management LLC lifted its holdings in Cummins by 29.1% during the 1st quarter. Lakewood Asset Management LLC now owns 2,454 shares of the company’s stock worth $723,000 after purchasing an additional 553 shares during the last quarter. 83.46% of the stock is 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.