Cummins Inc. (NYSE:CMI) Receives $354.83 Consensus Target Price from Analysts

Shares of Cummins Inc. (NYSE:CMI - Get Free Report) have earned a consensus recommendation of "Hold" from the thirteen ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $354.83.

A number of research analysts recently issued reports on CMI shares. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and decreased their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial decreased their price target on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th.

Cummins Price Performance

NYSE CMI traded up $2.67 during midday trading on Wednesday, hitting $334.78. The company had a trading volume of 782,982 shares, compared to its average volume of 807,865. The firm has a 50-day moving average price of $304.05 and a 200-day moving average price of $341.37. The company has a market capitalization of $46.12 billion, a PE ratio of 11.88, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.08 earnings per share. As a group, analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, May 23rd. Cummins's payout ratio is currently 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Czech National Bank raised its position in shares of Cummins by 6.5% in the 4th quarter. Czech National Bank now owns 29,744 shares of the company's stock worth $10,369,000 after acquiring an additional 1,826 shares in the last quarter. Matrix Trust Co increased its holdings in Cummins by 520.5% in the fourth quarter. Matrix Trust Co now owns 273 shares of the company's stock worth $95,000 after purchasing an additional 229 shares in the last quarter. Trust Co. of Toledo NA OH lifted its stake in Cummins by 14.3% in the fourth quarter. Trust Co. of Toledo NA OH now owns 1,218 shares of the company's stock valued at $425,000 after buying an additional 152 shares during the period. Eastern Bank boosted its holdings in shares of Cummins by 17.5% during the 4th quarter. Eastern Bank now owns 1,325 shares of the company's stock worth $462,000 after buying an additional 197 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its position in shares of Cummins by 4.6% during the 4th quarter. Pallas Capital Advisors LLC now owns 918 shares of the company's stock worth $320,000 after buying an additional 40 shares during the period. Institutional investors and hedge funds 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.