Cummins (NYSE:CMI) Price Target Raised to $653.00

Cummins (NYSE:CMI) had its price objective raised by Truist Financial from $628.00 to $653.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Several other research analysts have also weighed in on the company. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Argus boosted their price target on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Barclays increased their price target on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 11th. Finally, Citigroup lifted their price objective on shares of Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $486.60.

Cummins Stock Up 1.3%

Shares of NYSE CMI opened at $507.14 on Thursday. The company’s 50 day moving average price is $467.22 and its 200-day moving average price is $406.87. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins has a 52-week low of $260.02 and a 52-week high of $526.50. The company has a market capitalization of $70.01 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 2.00 and a beta of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. Cummins’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $5.86 earnings per share. Equities 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, December 4th. Investors of record on Friday, November 21st were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 27,330 shares of company stock valued at $12,649,764. 0.41% of the stock is owned by company insiders.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the last quarter. State Street Corp lifted its stake in Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after acquiring an additional 92,073 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after acquiring an additional 43,720 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after acquiring an additional 8,487 shares in the last quarter. 83.46% of the stock is owned by 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.