Cummins (NYSE:CMI) Price Target Lowered to $315.00 at Truist Financial

Cummins (NYSE:CMI) had its target price lowered by Truist Financial from $319.00 to $315.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities analysts also recently issued reports on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an underweight rating in a research note on Monday, March 25th. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They set a market perform rating on the stock. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a neutral rating for the company in a report on Friday, May 3rd. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a buy rating in a report on Friday, May 10th. Finally, UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and increased their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $287.18.

Cummins Trading Down 2.0 %

NYSE:CMI opened at $266.70 on Tuesday. Cummins has a 1 year low of $212.80 and a 1 year high of $304.24. The stock has a market cap of $36.48 billion, a P/E ratio of 19.92, a P/E/G ratio of 1.69 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The stock has a 50-day simple moving average of $280.65 and a 200-day simple moving average of $269.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, analysts anticipate that Cummins will post 18.86 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.52%. The ex-dividend date was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Several large investors have recently bought and sold shares of the company. First United Bank & Trust acquired a new stake in Cummins in the 4th quarter valued at about $25,000. LRI Investments LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $31,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins during the 4th quarter worth approximately $26,000. JNBA Financial Advisors raised its position in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Silver Oak Securities Incorporated purchased a new stake in Cummins in the 3rd quarter valued at approximately $28,000. Institutional investors and hedge funds 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.