Cummins Inc. (NYSE:CMI – Get Free Report) shares reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $285.00 to $340.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Cummins traded as high as $338.01 and last traded at $337.96, with a volume of 96433 shares traded. The stock had previously closed at $336.07.
Other research analysts have also issued research reports about the company. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $311.55.
Check Out Our Latest Analysis on Cummins
Insider Buying and Selling
Hedge Funds Weigh In On Cummins
Large investors have recently made changes to their positions in the business. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the second quarter valued at $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC purchased a new stake in shares of Cummins during the first quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins during the third quarter valued at $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Cummins Stock Down 1.7 %
The stock has a market capitalization of $45.50 billion, a PE ratio of 24.35, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The business’s fifty day moving average price is $310.26 and its two-hundred day moving average price is $294.01.
Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.
Cummins Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.
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.
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