Cummins Inc. (CMI) Upgraded to Buy by Vetr Inc.
Vetr upgraded shares of Cummins Inc. (NYSE:CMI) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $140.84 price objective on the stock.
A number of other analysts have also commented on CMI. Goldman Sachs Group Inc. upgraded Cummins from a neutral rating to a buy rating and lifted their price target for the stock from $134.00 to $162.00 in a report on Tuesday, October 11th. Credit Agricole SA assumed coverage on Cummins in a report on Friday, September 30th. They issued a buy rating and a $150.00 price objective for the company. Evercore ISI upgraded Cummins from a hold rating to a buy rating and upped their price objective for the stock from $113.00 to $144.00 in a report on Monday, November 7th. Stifel Nicolaus reiterated a hold rating and issued a $109.00 price objective (up from $103.00) on shares of Cummins in a report on Wednesday, November 2nd. Finally, William Blair set a $110.00 price objective on Cummins and gave the stock a hold rating in a report on Thursday, September 8th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company’s stock. Cummins has a consensus rating of Hold and an average price target of $118.99.
Cummins (NYSE:CMI) traded down 0.8467% on Tuesday, hitting $136.6134. The company had a trading volume of 603,159 shares. The stock has a 50 day moving average of $127.07 and a 200-day moving average of $120.24. The stock has a market capitalization of $22.90 billion, a PE ratio of 19.8537 and a beta of 1.32. Cummins has a one year low of $79.88 and a one year high of $141.65.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 1st. The company reported $2.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.96 by $0.06. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same quarter last year, the company earned $2.14 earnings per share. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. Equities analysts anticipate that Cummins will post $8.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be issued a dividend of $1.025 per share. The ex-dividend date of this dividend is Thursday, November 17th. This is a boost from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a yield of 2.98%. Cummins’s dividend payout ratio (DPR) is currently 59.33%.
In other Cummins news, CAO Marya M. Rose sold 5,450 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $136.40, for a total transaction of $743,380.00. Following the sale, the chief accounting officer now directly owns 20,193 shares of the company’s stock, valued at $2,754,325.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Marsha L. Hunt sold 5,910 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $128.10, for a total value of $757,071.00. Following the sale, the vice president now directly owns 4,382 shares in the company, valued at $561,334.20. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Cummins by 0.3% in the second quarter. Vanguard Group Inc. now owns 10,124,450 shares of the company’s stock worth $1,138,393,000 after buying an additional 34,225 shares during the last quarter. Capital World Investors raised its position in shares of Cummins by 19.1% in the second quarter. Capital World Investors now owns 9,599,846 shares of the company’s stock worth $1,079,407,000 after buying an additional 1,540,865 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Cummins by 0.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 4,092,688 shares of the company’s stock worth $524,478,000 after buying an additional 11,029 shares during the last quarter. American International Group Inc. raised its position in shares of Cummins by 4.9% in the third quarter. American International Group Inc. now owns 3,663,415 shares of the company’s stock worth $469,467,000 after buying an additional 169,528 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cummins by 3.9% in the third quarter. Bank of New York Mellon Corp now owns 2,998,183 shares of the company’s stock worth $384,218,000 after buying an additional 111,658 shares during the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
Receive News & Stock Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related stocks with our FREE daily email newsletter.