Analysts Set Cummins Inc. (NYSE:CMI) Target Price at $745.64

Shares of Cummins Inc. (NYSE:CMI) have earned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $745.6429.

A number of research firms recently commented on CMI. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley raised their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Evercore reaffirmed an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently added to or reduced their stakes in the business. Valmark Advisers Inc. lifted its holdings in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares during the period. Guardian Partners Inc. grew its holdings in Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after acquiring an additional 16 shares during the period. Nicolet Advisory Services LLC grew its holdings in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares during the period. Uhlmann Price Securities LLC raised its position in Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares in the last quarter. Finally, Financial Consulate Inc. raised its position in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $631.12 on Friday. The company has a market cap of $86.88 billion, a price-to-earnings ratio of 32.25, a PEG ratio of 1.51 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock’s fifty day moving average price is $665.97 and its 200 day moving average price is $627.12. Cummins has a 1 year low of $389.52 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.43 EPS. As a group, equities research analysts forecast that Cummins will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 21st. Cummins’s payout ratio is presently 40.88%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.