Robert W. Baird Trims Cummins (NYSE:CMI) Target Price to $295.00

Cummins (NYSE:CMI) had its price target lowered by Robert W. Baird from $298.00 to $295.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on CMI. The Goldman Sachs Group boosted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a neutral rating in a report on Tuesday, April 16th. StockNews.com cut Cummins from a buy rating to a hold rating in a report on Tuesday. Bank of America lowered Cummins from a neutral rating to an underperform rating and cut their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. Truist Financial initiated coverage on Cummins in a report on Thursday, March 14th. They issued a hold rating and a $303.00 target price on the stock. Finally, TheStreet downgraded Cummins from an a- rating to a c+ rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $282.55.

Cummins Stock Up 0.2 %

NYSE CMI traded up $0.45 during mid-day trading on Friday, reaching $280.74. The stock had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. The stock has a market cap of $38.39 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Cummins has a 1 year low of $203.18 and a 1 year high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.74. The company has a fifty day moving average price of $285.06 and a 200 day moving average price of $252.19.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, research analysts expect that Cummins will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed 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 was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. Cummins’s payout ratio is 49.19%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred 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 sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently bought and sold shares of CMI. Vanguard Group Inc. grew its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after acquiring an additional 246,025 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Cummins by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after acquiring an additional 106,017 shares in the last quarter. Morgan Stanley boosted its position in shares of Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares in the last quarter. 83.46% of the stock is 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.