Analysts Set Cummins Inc. (NYSE:CMI) Price Target at $299.55

by · The Markets Daily

Cummins Inc. (NYSE:CMI – Get Free Report) has been given a consensus recommendation of “Hold” by the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $299.55.

A number of equities analysts have issued reports on the stock. Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Truist Financial increased their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th.

Get Our Latest Stock Report on CMI

Cummins Stock Up 1.3 %

Shares of NYSE CMI opened at $331.74 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a 50-day moving average price of $304.44 and a 200-day moving average price of $291.95. The stock has a market capitalization of $45.38 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.81 and a beta of 0.98. Cummins has a 1 year low of $212.80 and a 1 year high of $333.43.

Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $5.18 EPS. On average, equities research analysts forecast that Cummins will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.19%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cultivar Capital Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the second quarter valued at $28,000. Lynx Investment Advisory purchased a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins in the 1st quarter worth about $31,000. Finally, JNBA Financial Advisors raised its holdings in shares of Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

(Get Free Report

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.

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