Truist Financial Raises Cummins (NYSE:CMI) Price Target to $319.00

Cummins (NYSE:CMI) had its target price lifted by Truist Financial from $303.00 to $319.00 in a research note published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other brokerages have also recently weighed in on CMI. Citigroup lifted their price objective on Cummins from $265.00 to $285.00 and gave the company a buy rating in a research note on Monday, February 12th. StockNews.com downgraded Cummins from a buy rating to a hold rating in a research report on Tuesday, April 30th. The Goldman Sachs Group increased their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a neutral rating for the company in a report on Friday. Finally, Bank of America downgraded shares of Cummins from a neutral rating to an underperform rating and cut their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of Hold and a consensus target price of $282.55.

Cummins Trading Up 0.2 %

NYSE CMI opened at $280.74 on Friday. Cummins has a 12 month low of $203.18 and a 12 month high of $304.24. The stock has a market capitalization of $38.39 billion, a P/E ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.04. The firm’s 50-day moving average is $285.39 and its two-hundred day moving average is $252.92. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the business posted $4.52 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders 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 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 49.19%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated 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 owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated 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 sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

A number of large investors have recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in Cummins in the third quarter valued at approximately $25,000. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter valued at $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins during the 4th quarter worth $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the 3rd quarter worth $28,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Cummins in the fourth quarter valued at $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.