Cummins Inc. (NYSE:CMI) Receives $731.86 Average Price Target from Brokerages

Shares of Cummins Inc. (NYSE:CMI) have been assigned an average rating of “Moderate Buy” from the sixteen research firms that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $731.8571.

A number of equities analysts recently commented on CMI shares. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Truist Financial set a $815.00 price target on Cummins in a report on Wednesday, May 6th. Citigroup increased their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th.

Cummins Trading Down 0.7%

NYSE:CMI opened at $694.12 on Thursday. The stock’s 50 day moving average price is $668.44 and its 200 day moving average price is $595.56. Cummins has a 52 week low of $317.74 and a 52 week high of $737.76. The company has a market capitalization of $95.78 billion, a P/E ratio of 36.02, a P/E/G ratio of 1.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the company posted $5.96 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that Cummins will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently modified their holdings of CMI. Brighton Jones LLC grew its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Cummins by 40.8% in 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 during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC acquired a new stake in shares of Cummins in the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the second quarter worth $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.