Cummins (NYSE:CMI) Price Target Raised to $730.00

Cummins (NYSE:CMI) had its price target increased by Truist Financial from $703.00 to $730.00 in a report released on Monday, MarketBeat reports. They currently have a buy rating on the stock.

CMI has been the subject of a number of other reports. Barclays upped their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Citigroup boosted their price target on Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $600.27.

Cummins Trading Up 0.1%

Shares of CMI opened at $639.49 on Monday. The stock’s 50-day moving average is $573.84 and its two-hundred day moving average is $527.35. The stock has a market cap of $88.36 billion, a PE ratio of 31.16, a P/E/G ratio of 2.02 and a beta of 1.14. Cummins has a 12 month low of $282.77 and a 12 month high of $650.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.16 earnings per share. Equities analysts forecast that Cummins will post 26.03 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.3%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Activity

In other Cummins news, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the sale, the vice president owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last three months. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently bought and sold shares of CMI. Brighton Jones LLC raised its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC raised its stake in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC acquired a new stake in Cummins during the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.