Cummins (NYSE:CMI) Upgraded by Evercore ISI to Outperform Rating

Cummins (NYSE:CMI) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a $408.00 price target on the stock, up from their prior price target of $294.00. Evercore ISI’s target price would indicate a potential upside of 14.91% from the company’s current price.

CMI has been the topic of a number of other reports. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $334.33.

Cummins Price Performance

Shares of CMI stock opened at $355.07 on Wednesday. The company has a market capitalization of $48.71 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.76 and a beta of 0.97. The firm has a fifty day simple moving average of $323.90 and a 200-day simple moving average of $299.69. 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 has a twelve month low of $216.91 and a twelve month high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the company posted $4.73 earnings per share. Equities research analysts anticipate that Cummins will post 20.48 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,193 shares of company stock worth $9,685,552. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently made changes to their positions in the stock. Pathway Financial Advisers LLC raised its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC raised its position in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in Cummins during the second quarter valued at approximately $68,018,000. Finally, SG Americas Securities LLC raised its position in Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after acquiring an additional 179,346 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.