Weekly Research Analysts’ Ratings Changes for Cummins (CMI)

by · The Markets Daily

Several brokerages have updated their recommendations and price targets on shares of Cummins (NYSE: CMI) in the last few weeks:

  • 11/13/2024 – Cummins was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating. They now have a $408.00 price target on the stock, up previously from $294.00.
  • 11/6/2024 – Cummins was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
  • 11/6/2024 – Cummins had its price target raised by analysts at The Goldman Sachs Group, Inc. from $324.00 to $370.00. They now have a “neutral” rating on the stock.
  • 11/6/2024 – Cummins had its price target raised by analysts at Robert W. Baird from $330.00 to $372.00. They now have a “neutral” rating on the stock.
  • 11/6/2024 – Cummins was downgraded by analysts at Vertical Research from a “buy” rating to a “hold” rating. They now have a $350.00 price target on the stock.
  • 10/11/2024 – Cummins had its price target raised by analysts at JPMorgan Chase & Co. from $285.00 to $340.00. They now have an “underweight” rating on the stock.
  • 10/9/2024 – Cummins had its price target raised by analysts at Truist Financial Co. from $349.00 to $371.00. They now have a “hold” rating on the stock.
  • 10/9/2024 – Cummins had its price target raised by analysts at Citigroup Inc. from $345.00 to $375.00. They now have a “buy” rating on the stock.

Cummins Price Performance

NYSE:CMI traded down $2.53 during trading hours on Thursday, reaching $363.81. 625,674 shares of the company traded hands, compared to its average volume of 1,485,381. The stock has a market cap of $49.91 billion, a P/E ratio of 24.03, a P/E/G ratio of 1.75 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm’s 50-day moving average is $326.20 and its 200-day moving average is $300.60. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company earned $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 20.44 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,413 shares of company stock worth $8,249,879 over the last ninety days. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Cummins

Institutional investors and hedge funds have recently modified their holdings of the business. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter worth $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins during the second quarter worth $29,000. LRI Investments LLC bought a new stake in Cummins in the 1st quarter valued at $31,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins during the third quarter worth about $32,000. 83.46% of the stock is owned by institutional investors.

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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