Cummins (NYSE:CMI) Price Target Cut to $315.00

Cummins (NYSE:CMI) had its target price cut by Truist Financial from $319.00 to $315.00 in a research note published on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Other analysts also recently issued research reports about the stock. Robert W. Baird dropped their target price on shares of Cummins from $298.00 to $295.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They set a market perform rating on the stock. The Goldman Sachs Group boosted their target price 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. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a research report on Monday, March 25th. Finally, TD Cowen boosted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a buy rating in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of Hold and an average price target of $287.18.

Cummins Trading Down 1.7 %

NYSE CMI opened at $267.55 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a market cap of $36.60 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. The company has a 50 day moving average price of $281.94 and a 200 day moving average price of $269.29. Cummins has a 52 week low of $212.80 and a 52 week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, sell-side analysts forecast 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. Investors of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Buying and Selling

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

Large investors have recently added to or reduced their stakes in the stock. First United Bank & Trust acquired a new position in Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins in the third quarter valued at about $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at about $31,000. Finally, LRI Investments LLC acquired a new stake in shares of Cummins in the first quarter valued at about $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.