Cummins (NYSE:CMI – Free Report) had its price objective raised by Jefferies Financial Group from $410.00 to $435.00 in a report released on Friday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.
A number of other research analysts also recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $345.15.
View Our Latest Research Report on CMI
Cummins Price Performance
Cummins (NYSE:CMI – Get Free Report) last posted 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 firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $4.73 EPS. Equities analysts forecast that Cummins will post 20.75 EPS for the current fiscal year.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.
Insider Transactions at Cummins
In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the second quarter worth $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter worth about $28,000. Prospera Private Wealth LLC bought a new position in shares of Cummins during the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter worth about $34,000. Finally, Bangor Savings Bank grew its position in shares of Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
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.
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