Cummins (NYSE:CMI) Price Target Raised to $451.00

Cummins (NYSE:CMI) had its price target increased by Evercore ISI from $408.00 to $451.00 in a report published on Wednesday,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the stock. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $386.67.

Cummins Trading Down 4.6 %

Shares of CMI stock opened at $366.79 on Wednesday. The company has a 50 day moving average of $361.51 and a 200-day moving average of $341.71. 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 $259.06 and a 12-month high of $387.90. The firm has a market cap of $50.43 billion, a P/E ratio of 13.02, a PEG ratio of 2.20 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $4.14 EPS. Sell-side analysts anticipate that Cummins will post 22.57 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is 25.84%.

Institutional Investors Weigh In On Cummins

Institutional investors have recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in Cummins in the fourth quarter worth approximately $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the fourth quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new stake in Cummins in the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

About Cummins

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.