Robert W. Baird Cuts Cummins (NYSE:CMI) Price Target to $295.00

Cummins (NYSE:CMI - Free Report) had its price target trimmed by Robert W. Baird from $298.00 to $295.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts also recently issued reports on CMI. Evercore ISI lifted their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an in-line rating in a research note on Tuesday, February 20th. The Goldman Sachs Group raised their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Citigroup raised their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a buy rating in a report on Monday, February 12th. Bank of America lowered shares of Cummins from a neutral rating to an underperform rating and decreased their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an underweight rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Cummins has a consensus rating of Hold and an average target price of $282.55.

Cummins Price Performance

CMI traded up $0.45 on Friday, hitting $280.74. 975,578 shares of the company were exchanged, compared to its average volume of 2,596,640. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The business's fifty day moving average is $285.06 and its 200 day moving average is $252.19. Cummins has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm has a market capitalization of $38.39 billion, a P/E ratio of 54.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend 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 is currently 129.73%.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the company's stock in a transaction that occurred on 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 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 document filed with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last 90 days. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC boosted its holdings in shares of Cummins by 3.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company's stock worth $16,778,000 after buying an additional 2,377 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Cummins by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company's stock worth $7,586,000 after purchasing an additional 1,501 shares in the last quarter. FinTrust Capital Advisors LLC increased its position in Cummins by 30.8% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 263 shares of the company's stock valued at $60,000 after acquiring an additional 62 shares in the last quarter. Raymond James & Associates increased its position in Cummins by 4.3% in the 3rd quarter. Raymond James & Associates now owns 257,730 shares of the company's stock valued at $58,881,000 after acquiring an additional 10,529 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in Cummins by 7.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 158,868 shares of the company's stock valued at $36,295,000 after acquiring an additional 10,848 shares in the last quarter. 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.