Cummins (NYSE:CMI) Given New $375.00 Price Target at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its price target lowered by JPMorgan Chase & Co. from $420.00 to $375.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts also recently issued reports on CMI. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Trading Down 1.2 %

Shares of NYSE:CMI opened at $322.19 on Tuesday. Cummins has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a market capitalization of $44.30 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a 50-day simple moving average of $358.00 and a 200 day simple moving average of $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 (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the business posted $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. State Street Corp grew its stake in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after buying an additional 246,807 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

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.