Cummins (NYSE:CMI) Raised to Outperform at Evercore ISI

Cummins (NYSE:CMI) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm presently has a $408.00 price objective on the stock, up from their previous price objective of $294.00. Evercore ISI’s price objective would suggest a potential upside of 12.15% from the company’s previous close.

CMI has been the subject of several other reports. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial upped their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Stock Performance

NYSE CMI opened at $363.81 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $49.91 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 1.75 and a beta of 0.97. The business’s 50-day moving average price is $326.20 and its 200 day moving average price is $300.60. Cummins has a twelve month low of $220.02 and a twelve month high of $370.21.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the firm posted $4.73 EPS. The company’s revenue was up .3% on a year-over-year basis. On average, research analysts predict that Cummins will post 20.44 earnings per share for the current year.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 26,413 shares of company stock valued at $8,249,879. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Capital LLC increased its holdings in Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after buying an additional 30 shares during the last quarter. Equitable Trust Co. grew its position in shares of Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares during the last quarter. EP Wealth Advisors LLC raised its position in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after acquiring an additional 35 shares in the last quarter. Finally, Fidelis Capital Partners LLC lifted its stake in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

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.