Citigroup Cuts Cummins (NYSE:CMI) Price Target to $320.00

Cummins (NYSE:CMI) had its price objective reduced by Citigroup from $360.00 to $320.00 in a report issued on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $359.75.

Cummins Trading Down 5.1 %

NYSE:CMI opened at $281.35 on Tuesday. Cummins has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a market cap of $38.75 billion, a PE ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. The business’s 50 day moving average is $337.17 and its two-hundred day moving average is $347.05.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $4.14 EPS. On average, analysts predict that Cummins will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CMI. Mariner Investment Group LLC acquired a new position in shares of Cummins during the 4th quarter valued at $1,046,000. National Bank of Canada FI raised its holdings in shares of Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. boosted its position in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after buying an additional 6,107 shares during the period. Finally, Axxcess Wealth Management LLC increased its position in Cummins by 133.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after buying an additional 3,314 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.