JPMorgan Chase & Co. Cuts Cummins (NYSE:CMI) Price Target to $600.00

Cummins (NYSE:CMI) had its price target reduced by JPMorgan Chase & Co. from $690.00 to $600.00 in a report issued on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

CMI has been the subject of a number of other research reports. CICC Research began coverage on Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price target for the company. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. UBS Group dropped their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Evercore cut their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $736.59.

Cummins Trading Up 0.8%

Shares of NYSE:CMI opened at $525.16 on Wednesday. The business’s 50 day simple moving average is $592.48 and its 200 day simple moving average is $621.85. Cummins has a 1 year low of $400.72 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $72.29 billion, a P/E ratio of 26.83, a P/E/G ratio of 1.41 and a beta of 1.23.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $6.43 earnings per share. On average, research analysts anticipate that Cummins will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 21st. Cummins’s payout ratio is presently 44.97%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Cummins during the 2nd quarter valued at approximately $8,204,241,000. Geode Capital Management LLC lifted its position in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the period. Bank of America Corp DE bought a new stake in shares of Cummins in the 2nd quarter valued at $1,408,353,000. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter worth $863,441,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cummins during the second quarter worth $973,198,000. 83.46% of the stock is currently owned by institutional investors.

About Cummins

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.