Truist Financial Cuts Cummins (NYSE:CMI) Price Target to $315.00

Cummins (NYSE:CMI) had its price target cut by Truist Financial from $319.00 to $315.00 in a research note released on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Several other research firms also recently issued reports on CMI. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a buy rating and a $320.00 price objective for the company. UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and boosted their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Robert W. Baird lowered their price objective on shares of Cummins from $298.00 to $295.00 and set a neutral rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group raised their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Finally, StockNews.com raised Cummins from a hold rating to a buy rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $287.18.

Cummins Price Performance

Shares of NYSE:CMI opened at $272.08 on Tuesday. The company has a market cap of $37.22 billion, a P/E ratio of 19.92, a P/E/G ratio of 1.66 and a beta of 0.99. The business has a fifty day simple moving average of $281.03 and a 200-day simple moving average of $269.50. Cummins has a 52 week low of $212.80 and a 52 week high of $304.24. 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 (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Equities research analysts forecast that Cummins will post 18.86 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.47%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Insider Activity at Cummins

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank acquired a new position in shares of Cummins in the fourth quarter worth about $298,867,000. International Assets Investment Management LLC increased its position in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after acquiring an additional 731,697 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the period. Finally, iA Global Asset Management Inc. purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $71,268,000. 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.