Cummins (NYSE:CMI) Stock Rating Raised to “Buy” at Wall Street Zen

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

A number of other brokerages have also recently issued reports on CMI. DA Davidson lifted their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Truist Financial reduced their target price on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. UBS Group lowered their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Evercore dropped their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Finally, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $703.18.

Cummins Trading Up 0.0%

Shares of CMI opened at $517.64 on Friday. Cummins has a 1 year low of $413.98 and a 1 year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $545.26 and a 200-day simple moving average of $619.89. The stock has a market cap of $71.26 billion, a PE ratio of 26.45, a PEG ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the business earned $6.43 EPS. Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that Cummins will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value 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. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Trading of Cummins

Several large investors have recently made changes to their positions in the business. Cedar Mountain Advisors LLC lifted its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in Cummins during the 2nd quarter worth about $26,000. Key Financial Inc grew its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the last quarter. Elevation Wealth Partners LLC increased its position in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares in the last quarter. Finally, Scarborough Advisors LLC acquired a new stake in Cummins in the 1st quarter valued at about $43,000. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.