Short Interest in Cummins Inc. (NYSE:CMI) Rises By 24.4%

Cummins Inc. (NYSE:CMI - Get Free Report) saw a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,630,000 shares, an increase of 24.4% from the January 31st total of 1,310,000 shares. Based on an average trading volume of 740,500 shares, the days-to-cover ratio is presently 2.2 days. Approximately 1.2% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. Robert W. Baird upped their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Citigroup reduced their price target on Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, Evercore ISI upped their price target on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $386.67.

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Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after buying an additional 250,650 shares during the last quarter. State Street Corp boosted its stake in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after buying an additional 246,807 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of NYSE CMI traded down $2.89 during mid-day trading on Friday, reaching $341.97. The company's stock had a trading volume of 1,399,031 shares, compared to its average volume of 857,471. The firm has a market capitalization of $47.01 billion, a PE ratio of 12.14, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a fifty day moving average of $361.77 and a two-hundred day moving average of $346.22. Cummins has a 52 week low of $260.88 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.14 earnings per share. As a group, sell-side analysts anticipate that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is presently 25.84%.

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.