Cummins (NYSE:CMI) Now Covered by Analysts at Wells Fargo & Company

by · The Cerbat Gem

Wells Fargo & Company assumed coverage on shares of Cummins (NYSE:CMI – Free Report) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The brokerage issued an overweight rating on the stock.

Several other equities analysts also recently commented on the company. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. JPMorgan Chase & Co. lifted their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $445.93.

Check Out Our Latest Stock Report on CMI

Cummins Stock Performance

Shares of NYSE:CMI traded down $5.95 during midday trading on Thursday, reaching $461.54. The company had a trading volume of 1,147,194 shares, compared to its average volume of 881,019. The stock has a market cap of $63.71 billion, a P/E ratio of 21.70, a P/E/G ratio of 2.05 and a beta of 1.07. The company’s 50 day moving average price is $428.42 and its 200 day moving average price is $374.95. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins has a 52-week low of $260.02 and a 52-week high of $484.84.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.86 earnings per share. As a group, sell-side analysts anticipate that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In other news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,127 shares of company stock worth $16,993,030 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Cummins

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. State Street Corp lifted its position in shares of Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 2.8% during 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 buying an additional 91,956 shares during the period. Finally, Northern Trust Corp raised its stake in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Company Profile

(Get Free Report)

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.

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