Truist Financial Boosts Cummins (NYSE:CMI) Price Target to $319.00

Cummins (NYSE:CMI) had its price target raised by Truist Financial from $303.00 to $319.00 in a research note published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a research note on Monday, March 25th. Evercore ISI lifted their target price on Cummins from $231.00 to $244.00 and gave the company an in-line rating in a research note on Tuesday, February 20th. TheStreet cut Cummins from an a- rating to a c+ rating in a research note on Tuesday, February 6th. Morgan Stanley initiated coverage on shares of Cummins in a research report on Monday, January 8th. They issued an overweight rating and a $278.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a buy rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of Hold and a consensus price target of $282.55.

Cummins Stock Performance

NYSE CMI traded up $0.45 on Friday, reaching $280.74. The stock had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. The stock has a market cap of $38.39 billion, a P/E ratio of 20.55, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Cummins has a 12-month low of $203.18 and a 12-month high of $304.24. The business’s 50-day moving average price is $285.06 and its 200 day moving average price is $252.19. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.52 earnings per share. As a group, equities analysts expect that Cummins will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last three months. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 9258 Wealth Management LLC acquired a new position in shares of Cummins in the first quarter worth about $253,000. Affinity Investment Advisors LLC acquired a new position in Cummins in the 1st quarter worth approximately $737,000. Signaturefd LLC grew its position in Cummins by 5.4% during the 1st 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. FDx Advisors Inc. acquired a new stake in Cummins during the 1st quarter valued at $203,000. Finally, Catalina Capital Group LLC purchased a new stake in Cummins in the 1st quarter worth about $290,000. 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.