Cummins Inc. (NYSE:CMI) Short Interest Up 6.9% in November

Cummins Inc. (NYSE:CMI - Get Free Report) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 1,710,000 shares, a growth of 6.9% from the November 15th total of 1,600,000 shares. Currently, 1.3% of the company's stock are sold short. Based on an average daily volume of 628,100 shares, the short-interest ratio is presently 2.7 days.

Cummins Price Performance

Cummins stock traded down $5.72 during mid-day trading on Tuesday, hitting $361.25. The company's stock had a trading volume of 623,253 shares, compared to its average volume of 1,406,380. Cummins has a twelve month low of $226.52 and a twelve month high of $387.90. The stock's fifty day moving average price is $354.53 and its two-hundred day moving average price is $315.12. The stock has a market capitalization of $49.56 billion, a P/E ratio of 23.86, a P/E/G ratio of 1.80 and a beta of 0.99. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.73 earnings per share. Research analysts forecast that Cummins will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio (DPR) is currently 48.08%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an "underweight" rating to a "neutral" rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Finally, Citigroup raised their target price on Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of "Hold" and an average target price of $352.85.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. Lord Abbett & CO. LLC grew its holdings in shares of Cummins by 24.6% during the third quarter. Lord Abbett & CO. LLC now owns 338,961 shares of the company's stock valued at $109,752,000 after buying an additional 66,885 shares in the last quarter. 1ST Source Bank grew its stake in Cummins by 5.3% during the 3rd quarter. 1ST Source Bank now owns 1,844 shares of the company's stock valued at $597,000 after acquiring an additional 93 shares in the last quarter. Bush Investment Group LLC acquired a new position in shares of Cummins in the 3rd quarter valued at about $204,000. Old North State Trust LLC acquired a new stake in shares of Cummins during the third quarter worth approximately $232,000. Finally, Franklin Resources Inc. grew its holdings in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Institutional investors and hedge funds 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.

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