Cummins (NYSE:CMI) Reaches New 12-Month High Following Analyst Upgrade

Cummins Inc. (NYSE:CMI) shares reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $285.00 to $340.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Cummins traded as high as $338.01 and last traded at $337.96, with a volume of 96433 shares traded. The stock had previously closed at $336.07.

Other research analysts have also issued research reports about the company. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $311.55.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction 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 in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

Large investors have recently made changes to their positions in the business. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the second quarter valued at $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC purchased a new stake in shares of Cummins during the first quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins during the third quarter valued at $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 1.7 %

The stock has a market capitalization of $45.50 billion, a PE ratio of 24.35, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The business’s fifty day moving average price is $310.26 and its two-hundred day moving average price is $294.01.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

About Cummins

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.