Cummins (NYSE:CMI) Earns Buy Rating from Analysts at Citigroup

Citigroup started coverage on shares of Cummins (NYSE:CMI) in a report released on Wednesday, Marketbeat.com reports. The firm issued a buy rating and a $320.00 price objective on the stock.

CMI has been the subject of a number of other research reports. Truist Financial reiterated a hold rating and set a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a neutral rating for the company in a report on Friday, May 3rd. UBS Group upgraded Cummins from a neutral rating to a buy rating and raised their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the company a buy rating in a report on Friday, May 10th. Finally, StockNews.com upgraded Cummins from a hold rating to a buy rating in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of Hold and a consensus target price of $287.55.

Cummins Price Performance

CMI opened at $276.99 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins has a 12 month low of $212.80 and a 12 month high of $304.24. The company has a fifty day simple moving average of $282.30 and a 200 day simple moving average of $268.68. The stock has a market cap of $37.89 billion, a P/E ratio of 20.28, a P/E/G ratio of 1.75 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, research analysts expect that Cummins will post 18.84 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.43%. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Transactions at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of CMI. First United Bank & Trust bought a new stake in shares of Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins during the fourth quarter worth $26,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins during the third quarter worth $28,000. DiNuzzo Private Wealth Inc. acquired a new position in shares of Cummins during the fourth quarter worth $31,000. Finally, LRI Investments LLC acquired a new position in shares of Cummins during the first quarter worth $31,000. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.