Robert W. Baird Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price lowered by Robert W. Baird from $407.00 to $315.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

CMI has been the topic of several other research reports. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and decreased their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $346.00.

Cummins Price Performance

Shares of NYSE CMI opened at $281.37 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a fifty day moving average of $328.65 and a 200 day moving average of $345.57. The firm has a market cap of $38.76 billion, a PE ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. Cummins has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.14 earnings per share. As a group, research analysts predict that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.59%. Cummins’s payout ratio is 25.84%.

Hedge Funds Weigh In On Cummins

Several large investors have recently modified their holdings of the business. Global Trust Asset Management LLC increased its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.