Cummins (NYSE:CMI) Price Target Raised to $530.00 at Citigroup

Cummins (NYSE:CMI) had its price objective raised by Citigroup from $500.00 to $530.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

CMI has been the subject of a number of other reports. Truist Financial increased their price objective on Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a report on Friday. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Barclays lifted their price objective on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $428.93.

Cummins Trading Up 2.4%

Shares of Cummins stock traded up $11.30 on Friday, hitting $474.10. The stock had a trading volume of 1,372,869 shares, compared to its average volume of 880,308. The stock has a 50 day moving average of $420.80 and a 200 day moving average of $368.54. The firm has a market capitalization of $65.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.05 and a beta of 1.07. Cummins has a twelve month low of $260.02 and a twelve month high of $482.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the firm posted $5.86 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts expect that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 37.61%.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 200 shares of Cummins stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $449.10, for a total transaction of $89,820.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,183,476.20. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 37,949 shares of company stock valued at $15,674,705. 0.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Cummins in the second quarter worth about $505,941,000. Raymond James Financial Inc. grew its position in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board increased its position in Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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.