Cummins (NYSE:CMI) Given New $370.00 Price Target at The Goldman Sachs Group

Cummins (NYSE:CMI) had its price target hoisted by The Goldman Sachs Group from $324.00 to $370.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. Citigroup upped their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI increased their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $324.83.

Cummins Trading Up 0.5 %

Shares of NYSE CMI opened at $356.46 on Wednesday. Cummins has a 12-month low of $214.57 and a 12-month high of $370.21. The company has a market cap of $48.90 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 2.01 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $322.99 and its 200 day simple moving average is $299.12.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $4.73 earnings per share. Equities research analysts expect that Cummins will post 20.17 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FDx Advisors Inc. acquired a new position in Cummins during the first quarter valued at $203,000. Signaturefd LLC lifted its position in shares of Cummins by 5.4% in the first quarter. Signaturefd LLC now owns 3,125 shares of the company’s stock worth $921,000 after purchasing an additional 161 shares in the last quarter. Advisory Alpha LLC acquired a new stake in shares of Cummins during the first quarter worth approximately $225,000. Manchester Capital Management LLC grew its position in Cummins by 6.2% during the first quarter. Manchester Capital Management LLC now owns 932 shares of the company’s stock valued at $275,000 after purchasing an additional 54 shares in the last quarter. Finally, Duality Advisers LP increased its stake in Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after buying an additional 12,087 shares during the period. 83.46% of the stock is currently owned by hedge funds and other 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.