Cummins Inc. (NYSE:CMI) Receives $334.33 Average PT from Analysts

Shares of Cummins Inc. (NYSE:CMI) have earned an average rating of “Hold” from the thirteen research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $337.67.

A number of analysts have recently commented on CMI shares. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Citigroup increased their target price on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of hedge funds have recently modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in Cummins during the first quarter valued at approximately $31,000. Finally, Prospera Private Wealth LLC acquired a new position in Cummins during the third quarter valued at approximately $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI opened at $377.59 on Wednesday. Cummins has a one year low of $222.04 and a one year high of $377.69. The stock’s fifty day moving average is $338.79 and its 200-day moving average is $305.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market capitalization of $51.80 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 1.81 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the business posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts anticipate that Cummins will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. Cummins’s payout ratio is presently 48.08%.

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.