Cummins Inc. (NYSE:CMI) Receives $363.50 Consensus Price Target from Brokerages

Cummins Inc. (NYSE:CMI) has been assigned an average rating of “Hold” from the thirteen brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $363.50.

CMI has been the subject of a number of recent research reports. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of 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 research note on Monday, December 9th. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Citigroup increased their price target 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.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC grew its position in Cummins by 1,194.7% during the 2nd quarter. Acadian Asset Management LLC now owns 6,098 shares of the company’s stock worth $1,688,000 after purchasing an additional 5,627 shares during the period. PFG Investments LLC lifted its position in shares of Cummins by 10.0% during the 2nd quarter. PFG Investments LLC now owns 1,753 shares of the company’s stock valued at $485,000 after buying an additional 160 shares in the last quarter. Choreo LLC grew its stake in Cummins by 75.9% in the 2nd quarter. Choreo LLC now owns 6,660 shares of the company’s stock valued at $1,816,000 after acquiring an additional 2,873 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in Cummins by 7.6% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 1,287 shares of the company’s stock worth $356,000 after acquiring an additional 91 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Cummins by 27.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 19,075 shares of the company’s stock valued at $5,283,000 after buying an additional 4,053 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 1.2 %

Shares of CMI opened at $355.31 on Thursday. The firm has a fifty day simple moving average of $361.92 and a two-hundred day simple moving average of $324.73. The stock has a market capitalization of $48.74 billion, a P/E ratio of 23.47, a PEG ratio of 1.80 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins has a twelve month low of $226.52 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate 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 posted $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Cummins will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is 48.08%.

About Cummins

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.