Cummins (NYSE:CMI) Price Target Raised to $730.00 at Truist Financial

Cummins (NYSE:CMI) had its target price raised by Truist Financial from $703.00 to $730.00 in a research note released on Monday, MarketBeat reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on CMI. Raymond James Financial boosted their price objective on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Argus set a $696.00 price objective on shares of Cummins in a research note on Tuesday, February 10th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Eleven 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $600.27.

Cummins Stock Up 1.4%

Shares of NYSE CMI opened at $635.74 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market capitalization of $87.83 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.98 and a beta of 1.14. The stock has a 50 day moving average price of $572.01 and a 200 day moving average price of $525.11. Cummins has a 52-week low of $269.24 and a 52-week high of $636.67.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion during 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%. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.16 earnings per share. Sell-side analysts expect that Cummins will post 26.03 earnings per share for the current year.

Cummins Dividend Announcement

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

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of large investors have recently made changes to their positions in the business. Nicolet Advisory Services LLC increased its position in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its position in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the period. Frank Rimerman Advisors LLC increased its position in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares during the period. Financial Consulate Inc. increased its position in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after acquiring an additional 18 shares during the period. Finally, ICW Investment Advisors LLC increased its position in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Company Profile

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.