Cummins Inc. (NYSE:CMI) Sees Significant Increase in Short Interest
Cummins Inc. (NYSE:CMI – Get Free Report) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 1,580,000 shares, an increase of 15.3% from the November 15th total of 1,370,000 shares. Based on an average daily trading volume, of 773,900 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.1% of the company’s shares are short sold.
Analysts Set New Price Targets
CMI has been the subject of several recent research reports. Bank of America lowered Cummins from a “buy” rating to a “neutral” rating and set a $243.00 price objective for the company. in a report on Friday. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, JPMorgan Chase & Co. lowered Cummins from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $270.00 to $255.00 in a research note on Monday, October 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $261.88.
Check Out Our Latest Analysis on Cummins
Cummins Trading Down 2.7 %
NYSE CMI traded down $6.74 during trading hours on Friday, hitting $241.53. The company’s stock had a trading volume of 1,784,188 shares, compared to its average volume of 916,132. The stock has a fifty day moving average of $224.97 and a 200 day moving average of $233.55. The company has a quick ratio of 0.90, a current ratio of 1.43 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $34.24 billion, a P/E ratio of 12.31, a PEG ratio of 1.26 and a beta of 1.04. Cummins has a twelve month low of $203.18 and a twelve month high of $265.28.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $4.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.63 by $0.10. The firm had revenue of $8.43 billion for the quarter, compared to the consensus estimate of $8.14 billion. Cummins had a net margin of 8.40% and a return on equity of 26.12%. Equities research analysts forecast that Cummins will post 19.96 earnings per share for the current fiscal year.
Cummins Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, December 7th. Stockholders of record on Friday, November 24th were given a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Wednesday, November 22nd. Cummins’s dividend payout ratio is presently 34.25%.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in CMI. OFI Invest Asset Management bought a new position in Cummins in the 3rd quarter valued at $25,000. Avion Wealth increased its position in shares of Cummins by 1,571.4% in the second quarter. Avion Wealth now owns 117 shares of the company’s stock valued at $27,000 after buying an additional 110 shares in the last quarter. Steward Financial Group LLC purchased a new stake in shares of Cummins during the second quarter worth approximately $27,000. Silver Oak Securities Incorporated acquired a new position in Cummins during the third quarter worth $28,000. Finally, Global Wealth Strategies & Associates acquired a new position in shares of Cummins in the 3rd quarter valued at $29,000. 81.81% of the stock is currently owned by institutional investors.
About Cummins (Get Free Report)
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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Original: MarketBeat News Feed: Cummins Inc. (NYSE:CMI) Sees Significant Increase in Short Interest