Cummins (NYSE:CMI) Given New $693.00 Price Target at Wells Fargo & Company

Cummins (NYSE:CMI) had its price objective hoisted by Wells Fargo & Company from $630.00 to $693.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts also recently commented on CMI. Argus set a $696.00 price objective on shares of Cummins in a report on Tuesday, February 10th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a report on Friday, February 6th. Citigroup boosted their target price on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $598.47.

Cummins Stock Up 0.4%

CMI stock opened at $618.77 on Monday. The firm’s fifty day simple moving average is $568.77 and its 200-day simple moving average is $518.28. The company has a market capitalization of $85.49 billion, a P/E ratio of 30.15, a price-to-earnings-growth ratio of 1.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins has a 12 month low of $269.24 and a 12 month high of $620.78.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Insider Transactions at Cummins

In related news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new position in Cummins during the fourth quarter valued at $863,441,000. Boston Partners purchased a new position in Cummins during the third quarter valued at $473,471,000. London Co. of Virginia purchased a new position in Cummins during the third quarter valued at $231,732,000. Finally, Bank of New York Mellon Corp lifted its holdings in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.