Brokerages Set Cummins Inc. (NYSE:CMI) Price Target at $352.85

Cummins Inc. (NYSE:CMI) has earned a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $352.85.

Several research firms recently commented on CMI. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th.

Cummins Stock Performance

NYSE:CMI opened at $361.25 on Friday. The company has a fifty day moving average of $354.53 and a two-hundred day moving average of $315.12. Cummins has a fifty-two week low of $226.52 and a fifty-two week high of $387.90. The stock has a market capitalization of $49.56 billion, a PE ratio of 23.86, a P/E/G ratio of 1.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company posted $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts forecast 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 paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lord Abbett & CO. LLC boosted its stake in shares of Cummins by 24.6% in the third quarter. Lord Abbett & CO. LLC now owns 338,961 shares of the company’s stock valued at $109,752,000 after purchasing an additional 66,885 shares during the period. 1ST Source Bank boosted its position in Cummins by 5.3% in the 3rd quarter. 1ST Source Bank now owns 1,844 shares of the company’s stock valued at $597,000 after buying an additional 93 shares during the period. Bush Investment Group LLC acquired a new position in shares of Cummins in the third quarter worth $204,000. Old North State Trust LLC purchased a new stake in shares of Cummins during the third quarter worth $232,000. Finally, Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other 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.