Cummins (NYSE:CMI) Upgraded by JPMorgan Chase & Co. to Neutral Rating

JPMorgan Chase & Co. upgraded shares of Cummins (NYSE:CMI) from an underweight rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $420.00 target price on the stock, up from their previous target price of $355.00.

A number of other research firms have also recently issued reports on CMI. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Citigroup increased their price target on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $352.85.

Cummins Stock Up 1.1 %

CMI opened at $383.61 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins has a 1-year low of $226.52 and a 1-year high of $387.90. The business has a 50 day moving average of $349.67 and a 200-day moving average of $311.38. The stock has a market capitalization of $52.62 billion, a price-to-earnings ratio of 25.34, a P/E/G ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the business earned $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.90%. Cummins’s payout ratio is presently 48.08%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Cummins

Several large investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC boosted its position in Cummins by 11.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,970 shares of the company’s stock worth $823,000 after acquiring an additional 302 shares during the last quarter. Wedmont Private Capital lifted its position in Cummins by 8.3% during the second quarter. Wedmont Private Capital now owns 1,228 shares of the company’s stock worth $350,000 after acquiring an additional 94 shares during the last quarter. M&G Plc bought a new stake in Cummins in the 2nd quarter valued at $2,180,000. Diversified Trust Co boosted its position in shares of Cummins by 2.7% in the second quarter. Diversified Trust Co now owns 9,429 shares of the company’s stock valued at $2,611,000 after acquiring an additional 252 shares during the period. Finally, Great Valley Advisor Group Inc. grew its stake in shares of Cummins by 2.0% in the second quarter. Great Valley Advisor Group Inc. now owns 2,752 shares of the company’s stock valued at $763,000 after acquiring an additional 55 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

About Cummins

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.