Cummins (NYSE:CMI) Price Target Cut to $315.00 by Analysts at Truist Financial

Cummins (NYSE:CMI) had its price target trimmed by Truist Financial from $319.00 to $315.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a hold rating on the stock.

A number of other analysts have also commented on the stock. Robert W. Baird reduced their price target on shares of Cummins from $298.00 to $295.00 and set a neutral rating for the company in a research note on Friday, May 3rd. The Goldman Sachs Group boosted their target price 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 began coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a buy rating and a $320.00 price target on the stock. TD Cowen boosted their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a buy rating in a research report on Friday, May 10th. Finally, UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and upped their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $287.18.

Cummins Price Performance

CMI stock opened at $267.55 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a 52 week low of $212.80 and a 52 week high of $304.24. The firm’s fifty day moving average is $281.94 and its 200 day moving average is $269.29. The firm has a market cap of $36.60 billion, a P/E ratio of 19.59, a P/E/G ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate 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%. Research analysts predict that Cummins will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction that occurred 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 owned by company insiders.

Institutional Investors Weigh In On Cummins

Hedge funds and other institutional investors have recently bought and sold shares of the business. First United Bank & Trust bought a new stake in shares of Cummins in the 4th quarter valued at approximately $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins in the fourth quarter valued at $26,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins during the third quarter worth $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $31,000. Finally, LRI Investments LLC acquired a new stake in shares of Cummins during the first quarter worth $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.