Cummins (NYSE:CMI) Price Target Increased to $319.00 by Analysts at Truist Financial

Cummins (NYSE:CMI - Free Report) had its target price increased by Truist Financial from $303.00 to $319.00 in a report released on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group lifted their price target on shares of Cummins from $270.00 to $306.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. StockNews.com cut shares of Cummins from a buy rating to a hold rating in a research report on Tuesday. Robert W. Baird reduced their target price on shares of Cummins from $298.00 to $295.00 and set a neutral rating on the stock in a research report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a research report on Monday, March 25th. Finally, TD Cowen increased their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an outperform rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $282.55.

Cummins Price Performance

CMI traded up $0.45 during midday trading on Friday, reaching $280.74. 975,578 shares of the company's stock were exchanged, compared to its average volume of 2,596,640. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock has a market capitalization of $38.39 billion, a PE ratio of 54.20, a P/E/G ratio of 1.93 and a beta of 1.04. The business's 50-day moving average price is $285.06 and its 200 day moving average price is $252.19. Cummins has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business's revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.52 EPS. As a group, equities analysts anticipate that Cummins will post 18.34 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. Cummins's dividend payout ratio (DPR) is presently 129.73%.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company's stock, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company's stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First United Bank & Trust acquired a new stake in shares of Cummins in the fourth quarter worth $25,000. Private Wealth Management Group LLC bought a new position in shares of Cummins in the fourth quarter valued at about $26,000. JNBA Financial Advisors raised its holdings in shares of Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company's stock valued at $32,000 after buying an additional 100 shares during the last quarter. OFI Invest Asset Management bought a new stake in Cummins during the 3rd quarter worth about $25,000. Finally, Silver Oak Securities Incorporated bought a new stake in Cummins during the 3rd quarter worth about $28,000. Institutional investors 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.