Cummins (NYSE:CMI – Free Report) had its price target cut by JPMorgan Chase & Co. from $600.00 to $465.00 in a report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.
Other equities research analysts have also issued research reports about the company. Morgan Stanley lifted their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Truist Financial decreased their target price on Cummins from $779.00 to $637.00 and set a “buy” rating on the stock in a research note on Friday. Barclays lowered their price target on Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. DA Davidson lifted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, CICC Research began coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $666.59.
Get Our Latest Stock Report on Cummins
Cummins Stock Performance
NYSE CMI opened at $450.56 on Friday. Cummins has a 1 year low of $443.62 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.74 and a quick ratio of 1.13. The stock has a market capitalization of $62.02 billion, a PE ratio of 18.80, a P/E/G ratio of 1.19 and a beta of 1.26. The company’s 50 day simple moving average is $526.45 and its two-hundred day simple moving average is $599.60.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the previous year, the business earned $5.59 EPS. Analysts predict that Cummins will post 29.98 earnings per share for the current fiscal year.
Cummins Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is presently 36.73%.
Insider Activity at Cummins
In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.
Institutional Trading of Cummins
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Cummins during the 2nd quarter valued at about $8,204,241,000. Fisher Asset Management LLC boosted its stake in Cummins by 4.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,768,635 shares of the company’s stock worth $1,946,764,000 after purchasing an additional 173,274 shares in the last quarter. Bank of America Corp DE purchased a new stake in Cummins during the 2nd quarter valued at about $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in Cummins during the 2nd quarter valued at about $973,198,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in Cummins by 6.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock valued at $530,405,000 after purchasing an additional 62,107 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.
Cummins Company Profile
Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.
The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.
Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.
Featured Articles
- Five stocks we like better than Cummins
- America’s Rare Earth Clock Is Running Out, But the Bottleneck Isn’t Where You Think
- Atlassian Tanks After Huge Run as Guidance Disappoints, But Strength Remains
- Lemonade’s Revenue Soars 73%—So Why Did Its Stock Turn Sour After Earnings?
- Anthropic’s S-1 Strengthens the Case for Broadcom’s AI Growth
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.
