Cummins (NYSE:CMI) Coverage Initiated by Analysts at Raymond James

Raymond James began coverage on shares of Cummins (NYSE:CMI) in a research note released on Friday morning, Marketbeat reports. The brokerage issued a market perform rating on the stock.

Several other research analysts have also commented on the company. Truist Financial reissued a hold rating and issued a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. The Goldman Sachs Group increased 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 upgraded shares of Cummins from a hold rating to a buy rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a research note on Monday, March 25th. Finally, UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and raised their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $287.55.

Cummins Stock Down 1.2 %

NYSE:CMI opened at $276.99 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a market cap of $37.89 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. The company has a 50-day moving average of $282.30 and a 200 day moving average of $268.68. Cummins has a 1-year low of $212.80 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, research analysts anticipate that Cummins will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Buying and Selling

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank purchased a new stake in Cummins during the fourth quarter worth $298,867,000. International Assets Investment Management LLC grew its position in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in shares of Cummins in the third quarter worth about $71,268,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.