Trade Report: Today, Evercore ISI Upgraded Cummins Inc. (CMI) to “Buy”

Today, Evercore ISI Upgraded Cummins Inc. (CMI) to “Buy”

Cummins Inc. (NYSE:CMI) was upgraded by stock analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $144.00 price objective on the stock, up from their prior price objective of $113.00. Evercore ISI’s price objective points to a potential upside of 1.92% from the stock’s current price.

A number of other brokerages have also recently commented on CMI. Deutsche Bank AG initiated coverage on shares of Cummins in a report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 target price on the stock. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $109.00 target price (up from $103.00) on shares of Cummins in a report on Wednesday, November 2nd. began coverage on shares of Cummins in a report on Friday, September 30th. They issued a “buy” rating and a $150.00 target price on the stock. Finally, Citigroup Inc. boosted their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $118.99.

Cummins (NYSE:CMI) opened at 141.29 on Monday. The stock has a market capitalization of $23.68 billion, a P/E ratio of 20.53 and a beta of 1.32. The firm’s 50-day moving average is $130.27 and its 200 day moving average is $121.68. Cummins has a 12-month low of $79.88 and a 12-month high of $141.65.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.06. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Cummins had a net margin of 6.62% and a return on equity of 19.47%. The company’s quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.14 EPS. Equities analysts expect that Cummins will post $8.17 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be paid a dividend of $1.025 per share. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio is currently 59.33%.

In other news, VP Marsha L. Hunt sold 5,910 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $128.10, for a total transaction of $757,071.00. Following the completion of the transaction, the vice president now owns 4,382 shares of the company’s stock, valued at approximately $561,334.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Marya M. Rose sold 5,450 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $136.40, for a total transaction of $743,380.00. Following the transaction, the chief accounting officer now directly owns 20,193 shares of the company’s stock, valued at approximately $2,754,325.20. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of CMI. Wellington Management Group LLP increased its position in Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Cummins by 95.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 90,297 shares of the company’s stock worth $11,572,000 after buying an additional 43,990 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock worth $18,221,000 after buying an additional 152,315 shares in the last quarter. Legal & General Group Plc increased its position in Cummins by 2.7% in the first quarter. Legal & General Group Plc now owns 834,870 shares of the company’s stock worth $91,782,000 after buying an additional 21,806 shares in the last quarter. Finally, Hermes Investment Management Ltd. increased its position in Cummins by 7.0% in the second quarter. Hermes Investment Management Ltd. now owns 391,663 shares of the company’s stock worth $44,039,000 after buying an additional 25,600 shares in the last quarter. 82.75% of the stock is owned by institutional investors.

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