Cummins (NYSE:CMI) Stock Gets Price Target Trim from Barclays

Cummins (NYSE:CMI) had its price objective lowered by Barclays from $675.00 to $600.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also commented on CMI. Morgan Stanley raised their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. DA Davidson boosted their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Citigroup reduced their target price on shares of Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Finally, CICC Research assumed coverage on shares of Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price target for the company. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $659.44.

Cummins Price Performance

Cummins stock opened at $462.86 on Monday. The company’s 50 day simple moving average is $520.51 and its 200-day simple moving average is $597.84. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.13 and a current ratio of 1.74. Cummins has a 1 year low of $443.62 and a 1 year high of $737.76. The company has a market capitalization of $63.45 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.26.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.89 billion. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The firm’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the company posted $5.59 EPS. As a group, equities research analysts expect that Cummins will post 29.83 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 36.73%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently made changes to their positions in the business. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins in the second quarter valued at about $26,000. Elevation Wealth Partners LLC raised its position in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares in the last quarter. Cornerstone Financial Management LLC lifted its stake in shares of Cummins by 65.8% in the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after purchasing an additional 25 shares during the period. Balance Wealth Partners LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at approximately $32,000. Finally, Dunhill Financial LLC acquired a new stake in shares of Cummins in the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.