Cummins (NYSE:CMI) Price Target Increased to $319.00 by Analysts at Truist Financial

Cummins (NYSE:CMI) had its price objective increased by Truist Financial from $303.00 to $319.00 in a research report sent to investors on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research analysts have also recently issued reports on the stock. StockNews.com cut shares of Cummins from a buy rating to a hold rating in a report on Tuesday. Evercore ISI raised their price target on shares of Cummins from $231.00 to $244.00 and gave the company an in-line rating in a research report on Tuesday, February 20th. UBS Group raised Cummins from a neutral rating to a buy rating and upped their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They set an overweight rating and a $278.00 target price on the stock. Finally, Robert W. Baird decreased their price target on Cummins from $298.00 to $295.00 and set a neutral rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of Hold and an average price target of $282.55.

Cummins Stock Up 0.2 %

Shares of Cummins stock traded up $0.45 during midday trading on Friday, hitting $280.74. The company had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. Cummins has a 52-week low of $203.18 and a 52-week high of $304.24. 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 stock has a market capitalization of $38.39 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a 50 day moving average of $285.06 and a 200 day moving average of $252.19.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm posted $4.52 earnings per share. On average, equities analysts predict that Cummins will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred 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 directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were 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 approximately $4,685,847.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Balentine LLC grew its stake in Cummins by 3.3% in the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after acquiring an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in Cummins during the 3rd quarter valued at $9,048,000. Capital Advisors Inc. OK purchased a new stake in shares of Cummins in the 4th quarter worth $24,915,000. Finally, SG Americas Securities LLC grew its position in shares of Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

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.