Cummins (NYSE:CMI) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Cummins (NYSE:CMI) had its price target upped by Jefferies Financial Group from $410.00 to $435.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $345.15.

Cummins Trading Up 0.2 %

NYSE:CMI opened at $379.35 on Friday. The firm has a 50-day simple moving average of $347.40 and a 200-day simple moving average of $309.68. Cummins has a one year low of $226.52 and a one year high of $382.86. The firm has a market cap of $52.04 billion, a P/E ratio of 25.06, a P/E/G ratio of 1.84 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.92%. Cummins’s dividend payout ratio is presently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction 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 sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Institutional investors have recently bought and sold shares of the company. PFG Investments LLC boosted its stake in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. CWM LLC raised its holdings in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the period. Distillate Capital Partners LLC boosted its position in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in Cummins during the third quarter worth about $748,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in Cummins during the second quarter worth about $856,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.