Evercore ISI Lowers Cummins (NYSE:CMI) Price Target to $419.00

Cummins (NYSE:CMI) had its price objective decreased by Evercore ISI from $451.00 to $419.00 in a research note issued to investors on Monday,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

CMI has been the subject of a number of other research reports. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Robert W. Baird reduced their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $352.17.

Cummins Trading Up 0.7%

NYSE CMI opened at $336.81 on Monday. The business has a 50 day simple moving average of $304.17 and a 200 day simple moving average of $341.58. Cummins has a one year low of $260.02 and a one year high of $387.90. The stock has a market capitalization of $46.40 billion, a P/E ratio of 11.96, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the firm posted $5.08 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts expect that Cummins will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.16%. Cummins’s payout ratio is 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by insiders.

Institutional Trading of Cummins

A number of hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after acquiring an additional 8,487 shares during the period. Woodline Partners LP grew its position in shares of Cummins by 501.4% in the first quarter. Woodline Partners LP now owns 49,540 shares of the company’s stock valued at $15,528,000 after purchasing an additional 41,302 shares in the last quarter. MBB Public Markets I LLC purchased a new position in shares of Cummins in the first quarter valued at $304,000. Ascent Group LLC grew its position in shares of Cummins by 70.9% in the first quarter. Ascent Group LLC now owns 2,422 shares of the company’s stock valued at $759,000 after purchasing an additional 1,005 shares in the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Cummins in the first quarter valued at $1,023,000. 83.46% of the stock is currently owned by institutional investors.

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.