The Goldman Sachs Group Boosts Cummins (NYSE:CMI) Price Target to $306.00

Cummins (NYSE:CMI) had its price objective raised by The Goldman Sachs Group from $270.00 to $306.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

CMI has been the topic of several other reports. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the company an underweight rating in a report on Monday, March 25th. TheStreet lowered Cummins from an a- rating to a c+ rating in a research report on Tuesday, February 6th. TD Cowen lifted their target price on Cummins from $260.00 to $272.00 and gave the company an outperform rating in a research report on Wednesday, February 7th. Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the stock a buy rating in a report on Monday, February 12th. Finally, Morgan Stanley initiated coverage on shares of Cummins in a report on Monday, January 8th. They issued an overweight rating and a $278.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of Hold and an average price target of $279.70.

Cummins Price Performance

NYSE:CMI opened at $287.56 on Tuesday. Cummins has a one year low of $203.18 and a one year high of $304.24. The stock has a market cap of $39.33 billion, a PE ratio of 55.51, a P/E/G ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a 50 day moving average price of $280.26 and a 200 day moving average price of $248.36.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $4.52 earnings per share. Equities research analysts expect that Cummins will post 18.24 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.34%. Cummins’s dividend payout ratio is presently 129.73%.

Insider Activity at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new position in Cummins during the 3rd quarter worth approximately $25,000. First United Bank & Trust acquired a new position in shares of Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the fourth quarter valued at $26,000. Silver Oak Securities Incorporated acquired a new stake in Cummins in the third quarter valued at $28,000. Finally, Global Wealth Strategies & Associates purchased a new stake in Cummins during the 3rd quarter worth about $29,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.