Cummins (NYSE:CMI) Upgraded to "Neutral" at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cummins (NYSE:CMI - Free Report) from an underweight rating to a neutral rating in a research note released on Monday morning, MarketBeat reports. They currently have $420.00 price objective on the stock, up from their prior price objective of $355.00.

CMI has been the subject of a number of other research reports. 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 report on Wednesday, November 6th. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday. Truist Financial lifted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. Finally, Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and upped their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of "Hold" and an average price target of $352.85.

Cummins Trading Up 1.1 %

NYSE:CMI traded up $4.01 during trading hours on Monday, reaching $383.61. 1,017,580 shares of the company were exchanged, compared to its average volume of 1,421,444. The stock has a 50 day simple moving average of $348.47 and a 200 day simple moving average of $310.67. The firm has a market cap of $52.62 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.84 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins has a 52-week low of $226.52 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.73 earnings per share. As a group, analysts predict that Cummins will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio (DPR) is 48.08%.

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 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 directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in Cummins during the second quarter valued at about $28,000. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter worth about $34,000. Finally, Gradient Investments LLC increased its stake in shares of Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company's stock worth $43,000 after purchasing an additional 116 shares during 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.