Cummins (NYSE:CMI) Price Target Raised to $415.00

Cummins (NYSE:CMI) had its price target hoisted by Citigroup from $375.00 to $415.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently issued reports on CMI. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $337.67.

Cummins Trading Up 1.5 %

CMI opened at $372.62 on Wednesday. Cummins has a one year low of $222.04 and a one year high of $373.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a 50 day simple moving average of $335.78 and a two-hundred day simple moving average of $304.53. The firm has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.73 earnings per share. Analysts predict that Cummins will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s dividend payout ratio is presently 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

A number of hedge funds have recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Cummins in the first quarter worth $31,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins in the third quarter worth $32,000. Hedge funds and other 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.