Truist Financial Increases Cummins (NYSE:CMI) Price Target to $319.00

Cummins (NYSE:CMI) had its target price raised by Truist Financial from $303.00 to $319.00 in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research firms also recently issued reports on CMI. TheStreet downgraded shares of Cummins from an a- rating to a c+ rating in a report on Tuesday, February 6th. 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. Citigroup boosted their target price on shares of Cummins from $265.00 to $285.00 and gave the stock a buy rating in a report on Monday, February 12th. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of Hold and a consensus target price of $282.55.

Cummins Stock Performance

Shares of CMI stock opened at $283.59 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a market capitalization of $38.79 billion, a P/E ratio of 20.76, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company’s 50 day moving average price is $285.74 and its two-hundred day moving average price is $253.36.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business earned $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, analysts expect that Cummins will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders 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 dividend on an annualized basis and a yield of 2.37%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CMI. Commonwealth Equity Services LLC raised its stake in Cummins by 3.3% in the third quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock valued at $16,778,000 after purchasing an additional 2,377 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Cummins by 4.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock valued at $7,586,000 after purchasing an additional 1,501 shares in the last quarter. FinTrust Capital Advisors LLC raised its stake in Cummins by 30.8% in the third quarter. FinTrust Capital Advisors LLC now owns 263 shares of the company’s stock valued at $60,000 after purchasing an additional 62 shares in the last quarter. Raymond James & Associates raised its stake in Cummins by 4.3% in the third quarter. Raymond James & Associates now owns 257,730 shares of the company’s stock valued at $58,881,000 after purchasing an additional 10,529 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Cummins by 7.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 158,868 shares of the company’s stock valued at $36,295,000 after purchasing an additional 10,848 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.