Cummins Inc. (NYSE:CMI) Receives $389.50 Consensus Price Target from Brokerages

Shares of Cummins Inc. (NYSE:CMI) have earned a consensus recommendation of “Hold” from the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $383.67.

CMI has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Citigroup reduced their price objective on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a research note on Monday. UBS Group lowered their target price on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Evercore ISI boosted their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th.

Cummins Trading Down 0.3 %

Shares of NYSE:CMI opened at $313.11 on Tuesday. The firm has a market cap of $43.05 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins has a 12 month low of $261.51 and a 12 month high of $387.90. The company’s fifty day simple moving average is $351.11 and its 200 day simple moving average is $348.91.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the company posted $4.14 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, research analysts forecast that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.33%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department bought a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the fourth quarter valued at about $27,000. Meeder Asset Management Inc. increased its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the 4th quarter worth about $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.