Cummins (NYSE:CMI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a research note released on Tuesday morning,Wall Street Zen reports.

CMI has been the subject of a number of other reports. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Wells Fargo & Company lowered their price objective on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating on the stock in a research note on Friday, November 6th. CICC Research began coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a report on Friday, November 6th. Finally, Citigroup cut their target price on Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $659.44.

Cummins Price Performance

Shares of NYSE CMI opened at $455.48 on Tuesday. The stock has a market cap of $62.44 billion, a P/E ratio of 17.41, a P/E/G ratio of 1.23 and a beta of 1.26. The firm’s 50-day simple moving average is $518.60 and its 200 day simple moving average is $597.27. Cummins has a fifty-two week low of $443.62 and a fifty-two week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. Cummins had a net margin of 9.26% and a return on equity of 26.82%. Cummins’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.59 EPS. Equities analysts expect that Cummins will post 29.83 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is presently 36.73%.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lifeworks Advisors LLC grew its position in Cummins by 12.3% in the third quarter. Lifeworks Advisors LLC now owns 13,732 shares of the company’s stock worth $7,094,000 after buying an additional 1,502 shares during the last quarter. Ingalls & Snyder LLC lifted its position in shares of Cummins by 19.4% during the 3rd quarter. Ingalls & Snyder LLC now owns 781 shares of the company’s stock valued at $403,000 after acquiring an additional 127 shares during the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Cummins by 2.2% during the 3rd quarter. Meeder Advisory Services Inc. now owns 6,159 shares of the company’s stock valued at $3,181,000 after acquiring an additional 133 shares during the last quarter. Benjamin Edwards Inc. lifted its position in shares of Cummins by 3.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 26,887 shares of the company’s stock valued at $13,898,000 after acquiring an additional 954 shares during the last quarter. Finally, DiPaolo Financial Group Inc. bought a new stake in shares of Cummins during the 3rd quarter worth $51,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.