Cummins (NYSE:CMI) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Cummins (NYSE:CMI) from a hold rating to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Wells Fargo & Company raised their price objective on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday. Argus set a $696.00 target price on Cummins in a research note on Tuesday, February 10th. Finally, Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $649.47.

Cummins Trading Down 0.5%

Shares of CMI opened at $679.25 on Thursday. Cummins has a fifty-two week low of $305.13 and a fifty-two week high of $718.08. The business has a 50-day moving average of $586.92 and a 200 day moving average of $543.54. The firm has a market cap of $93.73 billion, a P/E ratio of 35.25, a price-to-earnings-growth ratio of 1.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.96 earnings per share. As a group, research analysts forecast that Cummins will post 27.9 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio is presently 41.52%.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 33,603 shares of company stock valued at $20,047,788 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cummins

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. increased its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after acquiring an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC lifted its holdings in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after acquiring an additional 3,100 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.