Citigroup Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price target lifted by Citigroup from $630.00 to $710.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on the stock. Robert W. Baird set a $580.00 price target on shares of Cummins in a research report on Friday, February 6th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price target on shares of Cummins in a research report on Friday, February 6th. UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. Finally, Raymond James Financial increased their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $598.47.

Cummins Stock Performance

NYSE CMI opened at $618.77 on Monday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $85.49 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 1.95 and a beta of 1.14. The firm’s 50 day simple moving average is $568.77 and its 200 day simple moving average is $518.28. Cummins has a 1 year low of $269.24 and a 1 year high of $620.78.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $5.16 EPS. As a group, research analysts expect that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Activity

In other news, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cummins

Large investors have recently modified their holdings of the business. Thompson Investment Management Inc. bought a new position in shares of Cummins during the fourth quarter valued at $26,000. Activest Wealth Management raised its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the fourth quarter valued at $27,000. Flagship Wealth Advisors LLC bought a new position in shares of Cummins during the third quarter valued at $28,000. Finally, Birchwood Financial Partners Inc. bought a new position in shares of Cummins during the fourth quarter valued at $28,000. Institutional investors own 83.46% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.