Cummins (NYSE:CMI) Sets New 52-Week High After Analyst Upgrade

Cummins Inc. (NYSE:CMI) shares hit a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $375.00 to $415.00. Citigroup currently has a buy rating on the stock. Cummins traded as high as $370.64 and last traded at $369.69, with a volume of 233080 shares. The stock had previously closed at $360.95.

A number of other research firms also recently issued reports on CMI. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $337.67.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 4,326 shares of company stock valued at $1,559,125 over the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently modified their holdings of the business. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter worth $29,000. LRI Investments LLC purchased a new position in Cummins in the first quarter worth $31,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins during the third quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 2.3 %

The stock has a market capitalization of $50.64 billion, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The stock’s fifty day moving average price is $334.37 and its two-hundred day moving average price is $303.79. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.