Cummins (NYSE:CMI) Given New $400.00 Price Target at UBS Group

Cummins (NYSE:CMI) had its price target reduced by UBS Group from $432.00 to $400.00 in a report released on Tuesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

CMI has been the subject of several other reports. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $389.50.

Cummins Stock Down 0.5 %

Shares of CMI stock opened at $325.38 on Tuesday. Cummins has a one year low of $261.51 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a fifty day moving average price of $356.66 and a 200 day moving average price of $347.05. The stock has a market cap of $44.73 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.24%. Cummins’s dividend payout ratio is currently 25.84%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Global Trust Asset Management LLC lifted its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. KG&L Capital Management LLC raised its position in shares of Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co boosted its position in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares during the last quarter. Finally, Massachusetts Wealth Management grew its stake in shares of Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after purchasing an additional 30 shares during the period. 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.