Cummins (NYSE:CMI) Price Target Raised to $522.00

Cummins (NYSE:CMI) had its target price lifted by Truist Financial from $434.00 to $522.00 in a research report report published on Friday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts also recently commented on CMI. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Barclays increased their price objective on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $428.93.

Cummins Stock Performance

Shares of NYSE CMI opened at $474.10 on Friday. The company has a market cap of $65.32 billion, a P/E ratio of 22.29, a P/E/G ratio of 2.05 and a beta of 1.07. The firm’s fifty day moving average is $420.80 and its two-hundred day moving average is $369.77. 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 has a 52-week low of $260.02 and a 52-week high of $482.53.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 200 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $449.10, for a total value of $89,820.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,183,476.20. The trade was a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,949 shares of company stock valued at $15,674,705 in the last three months. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CMI. Stock Yards Bank & Trust Co. raised its position in Cummins by 0.4% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after purchasing an additional 24 shares in the last quarter. Whittier Trust Co. grew its holdings in Cummins by 0.9% during the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after acquiring an additional 24 shares in the last quarter. Howard Capital Management Inc. increased its position in Cummins by 2.9% during the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after purchasing an additional 24 shares during the period. BNP Paribas raised its holdings in shares of Cummins by 1.8% in the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after purchasing an additional 25 shares in the last quarter. Finally, Bridges Investment Management Inc. lifted its position in shares of Cummins by 3.2% in the 3rd quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after purchasing an additional 26 shares during the period. Institutional investors own 83.46% of the company’s stock.

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.