Brokerages Set Cummins Inc. (NYSE:CMI) Price Target at $282.55

Shares of Cummins Inc. (NYSE:CMI) have received a consensus rating of “Hold” from the eleven research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $282.55.

CMI has been the subject of a number of recent analyst reports. TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Evercore ISI lifted their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Finally, Robert W. Baird dropped their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday.

Cummins Stock Up 1.0 %

Cummins stock opened at $283.59 on Friday. Cummins has a 1-year low of $203.18 and a 1-year high of $304.24. The business has a fifty day moving average price of $285.74 and a 200-day moving average price of $253.36. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $38.79 billion, a price-to-earnings ratio of 20.76, a PEG ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results 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). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business posted $4.52 EPS. Cummins’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Cummins will post 18.45 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.37%. Cummins’s dividend payout ratio is presently 49.19%.

Insider Buying and Selling at Cummins

In other 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 transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management acquired a new stake in Cummins during the third quarter worth about $25,000. First United Bank & Trust purchased a new position in shares of Cummins during the 4th quarter worth $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins during the 4th quarter worth about $26,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins in the 3rd quarter worth approximately $28,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Cummins in the 4th quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.