Cummins (NYSE:CMI) Price Target Cut to $338.00 by Analysts at Truist Financial

Cummins (NYSE:CMI) had its price target cut by Truist Financial from $420.00 to $338.00 in a research report report published on Tuesday,Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages have also recently weighed in on CMI. Robert W. Baird increased their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Citigroup dropped their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, UBS Group cut Cummins from a “buy” rating to a “sell” rating and reduced their target price for the company from $400.00 to $240.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $359.75.

Cummins Stock Performance

Cummins stock opened at $265.72 on Tuesday. The firm has a fifty day simple moving average of $340.97 and a two-hundred day simple moving average of $347.82. 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 twelve month low of $260.02 and a twelve month high of $387.90. The company has a market capitalization of $36.60 billion, a PE ratio of 9.43, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last posted 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 business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $4.14 EPS. Research analysts expect that Cummins will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.74%. Cummins’s payout ratio is 25.84%.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 acquiring an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc bought a new stake in Cummins during the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised 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 buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new position in shares of 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.