Cummins (NYSE:CMI) Raised to Outperform at Evercore ISI

Cummins (NYSE:CMI - Get Free Report) was upgraded by investment analysts at Evercore ISI from an "in-line" rating to an "outperform" rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $408.00 price target on the stock, up from their prior price target of $294.00. Evercore ISI's price objective would indicate a potential upside of 11.66% from the company's previous close.

Other analysts have also recently issued research reports about the company. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Monday, August 5th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $334.33.

Cummins Stock Performance

CMI stock traded up $10.32 during trading on Wednesday, reaching $365.40. The stock had a trading volume of 541,735 shares, compared to its average volume of 1,487,307. The firm has a market cap of $50.13 billion, a PE ratio of 24.21, a PEG ratio of 1.75 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock's 50 day moving average is $324.91 and its two-hundred day moving average is $300.14. Cummins has a 52 week low of $220.02 and a 52 week high of $370.21.

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, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $4.73 earnings per share. As a group, equities analysts anticipate that Cummins will post 20.44 earnings per share for the current year.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the firm's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of the company's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,193 shares of company stock worth $9,685,552 over the last quarter. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Cummins

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock valued at $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Pathway Financial Advisers LLC increased its position in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock valued at $469,869,000 after purchasing an additional 26,977 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock valued at $468,503,000 after purchasing an additional 31,190 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other 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.