Cummins (NYSE:CMI) Price Target Raised to $424.00

Cummins (NYSE:CMI) had its price target raised by Truist Financial from $369.00 to $424.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research firms have also weighed in on CMI. Robert W. Baird upped their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Citigroup lifted their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $356.92.

Cummins Trading Up 0.5 %

Cummins stock opened at $351.38 on Thursday. The company has a 50 day moving average price of $355.53 and a 200 day moving average price of $316.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins has a 52 week low of $226.52 and a 52 week high of $387.90. The firm has a market capitalization of $48.20 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 earnings per share. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts forecast that Cummins will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.07%. Cummins’s dividend payout ratio is 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cummins

Hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its position in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the period. Fisher Asset Management LLC lifted its position in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the period. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after buying an additional 26,977 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

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.