Cummins (NYSE:CMI) Price Target Cut to $295.00

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

A number of other equities research analysts have also issued reports on the company. Bank of America lowered Cummins from a neutral rating to an underperform rating and reduced their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Morgan Stanley initiated coverage on Cummins in a research report on Monday, January 8th. They set an overweight rating and a $278.00 price objective for the company. TD Cowen upped their target price on shares of Cummins from $260.00 to $272.00 and gave the company an outperform rating in a report on Wednesday, February 7th. Truist Financial started coverage on shares of Cummins in a report on Thursday, March 14th. They set a hold rating and a $303.00 price target for the company. Finally, StockNews.com downgraded shares of Cummins from a buy rating to a hold rating in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $282.55.

Cummins Trading Up 1.0 %

Shares of CMI stock opened at $283.59 on Friday. The stock has a market cap of $38.79 billion, a P/E ratio of 20.76, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The business has a fifty day simple moving average of $285.74 and a 200-day simple moving average of $253.36.

Cummins (NYSE:CMI) last posted its 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). The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the business posted $4.52 earnings per share. On average, analysts forecast that Cummins will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’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 transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on 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 transaction, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of large investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC lifted its position in shares of Cummins by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock worth $16,778,000 after purchasing an additional 2,377 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Cummins by 4.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock worth $7,586,000 after purchasing an additional 1,501 shares during the period. FinTrust Capital Advisors LLC increased its stake in Cummins by 30.8% during the third quarter. FinTrust Capital Advisors LLC now owns 263 shares of the company’s stock valued at $60,000 after purchasing an additional 62 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Cummins by 4.3% during the third quarter. Raymond James & Associates now owns 257,730 shares of the company’s stock worth $58,881,000 after purchasing an additional 10,529 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of Cummins by 7.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 158,868 shares of the company’s stock worth $36,295,000 after buying an additional 10,848 shares during the last quarter. 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.