Cummins (CMI) Lifted to “Sell” at ValuEngine
ValuEngine upgraded shares of Cummins (NYSE:CMI) from a strong sell rating to a sell rating in a research note published on Friday morning.
Other research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Cummins from a hold rating to a buy rating and set a $148.00 target price for the company in a report on Tuesday, July 3rd. Stifel Nicolaus raised their target price on shares of Cummins from $160.00 to $172.00 and gave the company a buy rating in a report on Wednesday, August 1st. Oppenheimer cut their target price on shares of Cummins from $168.00 to $192.00 and set an outperform rating for the company in a report on Monday, July 23rd. Mizuho began coverage on shares of Cummins in a report on Friday, June 29th. They issued a neutral rating and a $150.00 target price for the company. Finally, Bank of America raised their target price on shares of Cummins from $154.00 to $157.00 and gave the company a neutral rating in a report on Wednesday, August 1st. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $165.10.
Shares of CMI opened at $151.02 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19. Cummins has a 1 year low of $129.90 and a 1 year high of $194.18. The company has a market cap of $24.88 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 0.87 and a beta of 1.15.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd were paid a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 3.02%. This is a positive change from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date was Tuesday, August 21st. Cummins’s payout ratio is presently 42.94%.
In other Cummins news, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction on Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the completion of the transaction, the vice president now directly owns 4,122 shares of the company’s stock, valued at $584,087.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexis M. Herman sold 735 shares of Cummins stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. 0.67% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CMI. Boston Partners boosted its stake in Cummins by 45.4% during the second quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after buying an additional 1,534,792 shares during the period. LSV Asset Management boosted its stake in Cummins by 76.6% during the second quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock worth $239,432,000 after buying an additional 781,118 shares during the period. Renaissance Technologies LLC boosted its stake in Cummins by 134.3% during the second quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock worth $103,780,000 after buying an additional 447,336 shares during the period. Millennium Management LLC boosted its stake in Cummins by 92.7% during the first quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock worth $119,400,000 after buying an additional 354,266 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in Cummins by 865.7% during the second quarter. Advisors Asset Management Inc. now owns 345,618 shares of the company’s stock worth $3,875,000 after buying an additional 309,827 shares during the period. 79.22% of the stock is owned by institutional investors.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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