Cummins (NYSE:CMI) Price Target Cut to $465.00 by Analysts at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its target price decreased by JPMorgan Chase & Co. from $600.00 to $465.00 in a report issued on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

CMI has been the subject of several other reports. Citigroup reduced their target price on shares of Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a report on Friday. Evercore decreased their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. UBS Group lowered their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $666.59.

Cummins Stock Performance

Shares of CMI opened at $450.56 on Friday. The firm has a market capitalization of $62.02 billion, a P/E ratio of 18.80, a PEG ratio of 1.19 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.74 and a quick ratio of 1.13. Cummins has a one year low of $443.62 and a one year high of $737.76. The business has a fifty day moving average of $526.45 and a 200 day moving average of $599.60.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, topping the consensus estimate of $8.20 by $0.05. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.89 billion. During the same period last year, the firm earned $5.59 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins will post 29.98 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is presently 36.73%.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Cummins in the second quarter worth about $8,204,241,000. Bank of America Corp DE purchased a new stake in shares of Cummins during the second quarter valued at about $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins in the 2nd quarter valued at about $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins in the 2nd quarter valued at about $666,635,000. Finally, Vontobel Holding Ltd. boosted its holdings in shares of Cummins by 1,436.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after buying an additional 546,613 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.