Robert W. Baird Lowers Cummins (NYSE:CMI) Price Target to $295.00

Cummins (NYSE:CMI) had its target price reduced by Robert W. Baird from $298.00 to $295.00 in a report published on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Bank of America cut Cummins from a neutral rating to an underperform rating and reduced their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. TheStreet lowered Cummins from an a- rating to a c+ rating in a report on Tuesday, February 6th. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They set an overweight rating and a $278.00 target price for the company. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Finally, Truist Financial began coverage on shares of Cummins in a report on Thursday, March 14th. They issued a hold rating and a $303.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $282.55.

Cummins Stock Performance

CMI opened at $280.74 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. The business’s 50-day simple moving average is $285.39 and its 200 day simple moving average is $252.92. The firm has a market capitalization of $38.39 billion, a PE ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.04. Cummins has a 52-week low of $203.18 and a 52-week high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.52 earnings per share. As a group, sell-side analysts expect that Cummins will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, 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 transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several large investors have recently modified their holdings of the business. Balentine LLC raised its position in Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Cummins by 200.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins in the third quarter worth approximately $9,048,000. Capital Advisors Inc. OK bought a new stake in Cummins in the fourth quarter valued at approximately $24,915,000. Finally, SG Americas Securities LLC increased its position in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares during the period. Institutional investors 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.