Cummins Inc. (NYSE:CMI) Receives $334.33 Consensus Target Price from Brokerages

Shares of Cummins Inc. (NYSE:CMI) have been assigned an average recommendation of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $337.67.

Several research analysts recently commented on CMI shares. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Citigroup upped their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th.

Cummins Price Performance

Shares of NYSE:CMI opened at $372.62 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $51.12 billion, a PE ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. The company’s fifty day moving average is $335.78 and its 200 day moving average is $304.64. Cummins has a 52 week low of $222.04 and a 52 week high of $373.35.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the business posted $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several institutional investors and hedge funds have recently modified their holdings of CMI. PFG Investments LLC increased its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC lifted its position in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC boosted its stake in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Cummins in the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC raised its stake in shares of Cummins by 162.9% in the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after purchasing an additional 14,170 shares during the last quarter. 83.46% of the stock is currently 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.