Cummins (NYSE:CMI) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Cummins (NYSE:CMI) from a buy rating to a hold rating in a research report report published on Tuesday.

A number of other research analysts have also recently weighed in on the stock. Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird lifted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, UBS Group dropped their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

Shares of Cummins stock opened at $330.57 on Tuesday. The company has a market cap of $45.45 billion, a P/E ratio of 11.73, a PEG ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $354.72 and a two-hundred day moving average price of $348.24. Cummins has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.14 earnings per share. As a group, analysts anticipate that Cummins will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Great Valley Advisor Group Inc. increased its stake in Cummins by 3.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company’s stock worth $920,000 after acquiring an additional 87 shares during the last quarter. Swedbank AB increased its position in shares of Cummins by 1.5% in the third quarter. Swedbank AB now owns 103,770 shares of the company’s stock worth $33,600,000 after purchasing an additional 1,553 shares during the last quarter. Larson Financial Group LLC raised its stake in Cummins by 11.6% in the third quarter. Larson Financial Group LLC now owns 2,723 shares of the company’s stock valued at $882,000 after purchasing an additional 282 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Cummins by 2.4% during the third quarter. Daiwa Securities Group Inc. now owns 19,528 shares of the company’s stock valued at $6,323,000 after purchasing an additional 453 shares during the last quarter. Finally, Independent Advisor Alliance grew its stake in Cummins by 11.9% in the 3rd quarter. Independent Advisor Alliance now owns 3,460 shares of the company’s stock worth $1,120,000 after buying an additional 368 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.