Analysts Set Cummins Inc. (NYSE:CMI) Price Target at $588.93

Shares of Cummins Inc. (NYSE:CMI) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $588.9333.

Several brokerages have commented on CMI. UBS Group set a $565.00 price objective on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Wells Fargo & Company raised their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th.

Cummins Trading Down 3.0%

Shares of NYSE:CMI opened at $539.22 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins has a 52-week low of $260.02 and a 52-week high of $617.98. The stock has a market cap of $74.50 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 1.76 and a beta of 1.12. The business has a 50-day moving average price of $573.83 and a 200-day moving average price of $494.27.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the prior year, the firm earned $5.16 earnings per share. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts predict that Cummins will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid 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 1.5%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC increased its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Wedbush Securities Inc. grew its stake in Cummins by 5.7% in the 2nd quarter. Wedbush Securities Inc. now owns 1,518 shares of the company’s stock valued at $497,000 after acquiring an additional 82 shares during the period. Penserra Capital Management LLC grew its stake in Cummins by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 756 shares of the company’s stock valued at $246,000 after acquiring an additional 87 shares during the period. Finally, AE Wealth Management LLC increased its holdings in Cummins by 5.7% in the 2nd quarter. AE Wealth Management LLC now owns 15,461 shares of the company’s stock worth $5,064,000 after acquiring an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.