Cummins (NYSE:CMI) Given New $424.00 Price Target at Truist Financial

Cummins (NYSE:CMI) had its price target lifted by Truist Financial from $369.00 to $424.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a hold rating on the stock.

CMI has been the topic of several other research reports. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Citigroup lifted their target price on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $356.92.

Cummins Stock Performance

NYSE CMI opened at $349.70 on Thursday. The company has a market cap of $47.97 billion, a P/E ratio of 23.10, a PEG ratio of 1.80 and a beta of 0.99. The company has a fifty day simple moving average of $355.22 and a 200 day simple moving average of $315.61. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins has a 12-month low of $226.52 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the company earned $4.73 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Cummins will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently modified their holdings of the business. &PARTNERS grew its stake in Cummins by 70.1% in the 2nd quarter. &PARTNERS now owns 1,492 shares of the company’s stock worth $416,000 after buying an additional 615 shares in the last quarter. Catalina Capital Group LLC increased its stake in Cummins by 8.6% in the second quarter. Catalina Capital Group LLC now owns 1,070 shares of the company’s stock valued at $296,000 after acquiring an additional 85 shares during the last quarter. Premier Path Wealth Partners LLC purchased a new stake in Cummins during the second quarter valued at about $339,000. Retirement Systems of Alabama raised its position in Cummins by 0.3% during the second quarter. Retirement Systems of Alabama now owns 30,172 shares of the company’s stock valued at $8,356,000 after purchasing an additional 92 shares in the last quarter. Finally, Family Firm Inc. bought a new stake in Cummins during the second quarter worth about $88,000. Hedge funds and other 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.