Cummins (NYSE:CMI) Downgraded by Vertical Research to “Hold”

Vertical Research downgraded shares of Cummins (NYSE:CMI) from a buy rating to a hold rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $350.00 target price on the stock.

Other research analysts also recently issued reports about the company. Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $324.83.

Cummins Trading Up 0.4 %

Shares of CMI stock traded up $1.50 during trading hours on Wednesday, hitting $357.51. 122,158 shares of the company were exchanged, compared to its average volume of 1,502,010. The company has a 50 day simple moving average of $321.21 and a two-hundred day simple moving average of $298.27. The firm has a market cap of $49.00 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.86 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins has a fifty-two week low of $214.57 and a fifty-two week high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the company posted $4.73 earnings per share. The business’s quarterly revenue was up .3% on a year-over-year basis. Equities analysts anticipate that Cummins will post 19.96 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.04%. Cummins’s payout ratio is presently 52.49%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cultivar Capital Inc. purchased a new stake in Cummins during the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter valued at approximately $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.