JPMorgan Chase & Co. Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price cut by JPMorgan Chase & Co. from $420.00 to $375.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also issued reports on CMI. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Citigroup dropped their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Price Performance

Shares of NYSE:CMI opened at $322.19 on Tuesday. The firm has a market cap of $44.30 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm’s fifty day moving average is $358.00 and its 200-day moving average is $347.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 earnings per share. Sell-side analysts predict that Cummins will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s payout ratio is 25.84%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $28,000. Hedge funds and other 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.