Cummins (NYSE:CMI) Price Target Raised to $306.00

Cummins (NYSE:CMI) had its target price upped by The Goldman Sachs Group from $270.00 to $306.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

CMI has been the topic of a number of other research reports. Citigroup upped their price objective on Cummins from $265.00 to $285.00 and gave the stock a buy rating in a research note on Monday, February 12th. JPMorgan Chase & Co. upped 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. TheStreet cut Cummins from an a- rating to a c+ rating in a research note on Tuesday, February 6th. Truist Financial began coverage on Cummins in a research note on Thursday, March 14th. They set a hold rating and a $303.00 price objective on the stock. Finally, Morgan Stanley began coverage on Cummins in a research note on Monday, January 8th. They set an overweight rating and a $278.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of Hold and a consensus price target of $279.70.

Cummins Trading Up 0.0 %

NYSE CMI opened at $291.42 on Tuesday. The stock has a market capitalization of $39.85 billion, a price-to-earnings ratio of 56.26, a PEG ratio of 2.01 and a beta of 1.04. The stock’s 50 day moving average price is $279.54 and its two-hundred day moving average price is $247.93. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24.

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 firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.52 EPS. As a group, analysts anticipate that Cummins will post 18.29 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $19,545,052.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, 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 SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s 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 transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in shares of Cummins during the 3rd quarter worth $25,000. First United Bank & Trust acquired a new stake 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 $26,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins during the 3rd quarter worth $28,000. Finally, Global Wealth Strategies & Associates acquired a new stake in shares of Cummins during the 3rd quarter worth $29,000. 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.