Brokerages Set Cummins Inc. (NYSE:CMI) Price Target at $284.36

Shares of Cummins Inc. (NYSE:CMI) have been given an average rating of “Hold” by the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $287.55.

A number of research firms have recently issued reports on CMI. The Goldman Sachs Group upped their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Truist Financial reissued a “hold” rating and issued a $319.00 price objective on shares of Cummins in a report on Wednesday, May 15th. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Robert W. Baird dropped their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd.

Cummins Stock Down 0.4 %

NYSE CMI opened at $280.43 on Friday. The business has a fifty day moving average price of $282.74 and a 200 day moving average price of $268.31. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market cap of $38.36 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.76 and a beta of 1.02. Cummins has a one year low of $212.80 and a one year high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Research analysts anticipate that Cummins will post 18.84 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Activity

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several large investors have recently bought and sold shares of the stock. SRN Advisors LLC boosted its stake in shares of Cummins by 5.0% in the 1st quarter. SRN Advisors LLC now owns 3,753 shares of the company’s stock valued at $1,106,000 after buying an additional 178 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Cummins by 93.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 665 shares of the company’s stock worth $188,000 after purchasing an additional 321 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Cummins by 10.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 316,646 shares of the company’s stock worth $93,480,000 after purchasing an additional 30,156 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in Cummins in the first quarter valued at $2,412,000. Finally, Garde Capital Inc. acquired a new stake in Cummins in the first quarter valued at $111,000. Hedge funds and other institutional investors 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.