Cummins (NYSE:CMI) Price Target Raised to $675.00

Cummins (NYSE:CMI) had its price target increased by Raymond James Financial from $585.00 to $675.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

CMI has been the topic of several other reports. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Argus lifted their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Price Performance

Shares of NYSE:CMI opened at $599.19 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market cap of $82.71 billion, a PE ratio of 29.20, a PEG ratio of 1.86 and a beta of 1.13. The company’s fifty day moving average is $546.63 and its 200 day moving average is $466.82. Cummins has a 52 week low of $260.02 and a 52 week high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 earnings per share. Research analysts anticipate that Cummins will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. Brighton Jones LLC grew its position in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC boosted its stake in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Callan Family Office LLC grew its holdings in Cummins by 108.6% in the second quarter. Callan Family Office LLC now owns 2,585 shares of the company’s stock worth $847,000 after purchasing an additional 1,346 shares during the period. IFP Advisors Inc increased its stake in shares of Cummins by 5.2% during the second quarter. IFP Advisors Inc now owns 3,511 shares of the company’s stock valued at $1,158,000 after purchasing an additional 173 shares in the last quarter. Finally, Johnson Investment Counsel Inc. lifted its holdings in shares of Cummins by 13.7% during the second quarter. Johnson Investment Counsel Inc. now owns 2,161 shares of the company’s stock valued at $708,000 after purchasing an additional 260 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.