Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI) was the recipient of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 1,710,000 shares, an increase of 6.9% from the November 15th total of 1,600,000 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average daily volume of 628,100 shares, the days-to-cover ratio is currently 2.7 days.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently made changes to their positions in CMI. Cultivar Capital Inc. acquired a new stake in Cummins in the 2nd quarter worth about $28,000. Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the third quarter worth approximately $32,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the second quarter valued at approximately $28,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the third quarter worth approximately $34,000. Finally, Gradient Investments LLC raised its stake in Cummins by 290.0% during the second quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of analyst reports. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Citigroup raised their target price on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a report on Monday, December 9th. Jefferies Financial Group upped their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $352.85.

Cummins Price Performance

Shares of Cummins stock traded down $5.72 during trading on Tuesday, hitting $361.25. 623,253 shares of the company were exchanged, compared to its average volume of 1,406,380. The firm has a 50 day moving average price of $354.53 and a 200 day moving average price of $315.12. The stock has a market capitalization of $49.56 billion, a price-to-earnings 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 has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the company earned $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts expect that Cummins will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

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.