Cummins Inc. (NYSE:CMI) Given Average Recommendation of "Hold" by Brokerages

Shares of Cummins Inc. (NYSE:CMI - Get Free Report) have earned a consensus rating of "Hold" from the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $358.08.

Several equities research analysts have recently weighed in on CMI shares. Evercore ISI lowered their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Morgan Stanley upped their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jacobs & Co. CA lifted its holdings in Cummins by 0.9% in the second quarter. Jacobs & Co. CA now owns 34,843 shares of the company's stock valued at $11,411,000 after buying an additional 309 shares during the period. Central Pacific Bank Trust Division raised its position in shares of Cummins by 5.6% during the 2nd quarter. Central Pacific Bank Trust Division now owns 861 shares of the company's stock valued at $282,000 after acquiring an additional 46 shares during the last quarter. Kera Capital Partners Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $389,000. AG2R LA Mondiale Gestion D Actifs bought a new position in shares of Cummins in the 1st quarter worth $1,743,000. Finally, 1248 Management LLC bought a new position in shares of Cummins in the 1st quarter worth $102,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

NYSE:CMI opened at $333.15 on Thursday. The firm has a market capitalization of $45.89 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.98 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a 50-day moving average price of $318.01 and a 200 day moving average price of $332.11.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the company earned $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. Research analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. Cummins's payout ratio is 36.22%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.