Cummins Inc. (NYSE:CMI) Receives $357.25 Consensus Target Price from Analysts

Shares of Cummins Inc. (NYSE:CMI - Get Free Report) have been assigned an average recommendation of "Hold" from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $357.25.

Several research analysts have weighed in on CMI shares. Evercore ISI lowered their price objective 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. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Robert W. Baird lowered their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th.

Cummins Stock Down 1.0%

NYSE CMI traded down $3.16 on Friday, hitting $323.84. 543,592 shares of the company were exchanged, compared to its average volume of 795,890. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day moving average of $305.05 and a 200-day moving average of $337.76. Cummins has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a market cap of $44.61 billion, a PE ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last released 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the prior year, the company posted $5.08 earnings per share. The business's revenue was down 2.7% on a year-over-year basis. As a group, analysts forecast that Cummins will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.25%. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was 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 now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 1248 Management LLC bought a new position in Cummins during the first quarter worth about $102,000. eCIO Inc. bought a new position in Cummins during the first quarter worth about $82,000. Cim LLC boosted its position in Cummins by 12.9% during the first quarter. Cim LLC now owns 4,962 shares of the company's stock worth $1,555,000 after purchasing an additional 567 shares during the period. Modern Wealth Management LLC boosted its position in Cummins by 308.5% during the first quarter. Modern Wealth Management LLC now owns 2,267 shares of the company's stock worth $711,000 after purchasing an additional 1,712 shares during the period. Finally, Strs Ohio bought a new position in Cummins during the first quarter worth about $22,350,000. Institutional investors own 83.46% of the company's stock.

Cummins Company Profile

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.