Cummins (NYSE:CMI) Price Target Raised to $319.00

Cummins (NYSE:CMI) had its price target lifted by Truist Financial from $303.00 to $319.00 in a research note released on Friday, Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts also recently issued reports on CMI. TheStreet downgraded Cummins from an a- rating to a c+ rating in a research report on Tuesday, February 6th. Bank of America lowered shares of Cummins from a neutral rating to an underperform rating and lowered their target price for the stock from $243.00 to $225.00 in a report on Friday, January 19th. UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and upped their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Evercore ISI raised their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an in-line rating in a research note on Tuesday, February 20th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $245.00 to $275.00 and gave the company an underweight rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of Hold and a consensus target price of $282.55.

Cummins Stock Performance

Shares of NYSE:CMI opened at $280.74 on Friday. The firm has a fifty day simple moving average of $285.39 and a two-hundred day simple moving average of $252.92. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $38.39 billion, a P/E ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the business posted $4.52 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. On average, analysts expect that Cummins will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Activity at Cummins

In other news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cummins news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Norges Bank purchased a new position in shares of Cummins in the fourth quarter worth $298,867,000. International Assets Investment Management LLC lifted its stake in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. purchased a new stake in shares of Cummins during the third quarter valued at $71,268,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.