JPMorgan Chase & Co. Boosts Cummins (NYSE:CMI) Price Target to $275.00

Cummins (NYSE:CMI) had its target price hoisted by JPMorgan Chase & Co. from $245.00 to $275.00 in a research report released on Monday morning, Benzinga reports. They currently have an underweight rating on the stock.

Several other research firms have also issued reports on CMI. TheStreet lowered Cummins from an a- rating to a c+ rating in a research note on Tuesday, February 6th. Bank of America lowered shares of Cummins from a neutral rating to an underperform rating and reduced their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. TD Cowen increased their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. Citigroup upped their target price on shares of Cummins from $265.00 to $285.00 and gave the company a buy rating in a report on Monday, February 12th. Finally, Evercore ISI upped their target price on shares of Cummins from $231.00 to $244.00 and gave the company an in-line rating in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of Hold and an average target price of $271.64.

Cummins Trading Up 1.0 %

Shares of NYSE CMI opened at $294.69 on Monday. The stock has a market cap of $41.80 billion, a price-to-earnings ratio of 56.89, a PEG ratio of 1.95 and a beta of 1.03. The business has a 50 day simple moving average of $260.31 and a 200 day simple moving average of $240.49. Cummins has a 52 week low of $203.18 and a 52 week high of $297.11. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.52 EPS. On average, research analysts predict that Cummins will post 18.36 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. 1.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CMI. OFI Invest Asset Management purchased a new position in shares of Cummins in the third quarter worth approximately $25,000. First United Bank & Trust purchased a new position in Cummins during the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new position in Cummins during the fourth quarter valued at approximately $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the third quarter valued at approximately $28,000. Finally, Global Wealth Strategies & Associates purchased a new position in Cummins during the third quarter valued at approximately $29,000. 83.46% of the stock is currently owned by institutional investors.

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.