Cummins (NYSE:CMI) Price Target Raised to $451.00 at Evercore ISI

Cummins (NYSE:CMI) had its target price upped by Evercore ISI from $408.00 to $451.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts also recently commented on the company. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Robert W. Baird raised their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, The Goldman Sachs Group raised their price objective 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. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $386.67.

Cummins Stock Performance

NYSE:CMI opened at $386.22 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $361.24 and a 200 day moving average price of $340.82. The firm has a market capitalization of $53.10 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. Cummins has a 12-month low of $259.06 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts anticipate that Cummins will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.88%. Cummins’s dividend payout ratio is currently 25.84%.

Institutional Trading of Cummins

Institutional investors have recently bought and sold shares of the business. Global Trust Asset Management LLC grew its stake 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 worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department bought a new position in Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $28,000. Institutional investors and hedge funds 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.