Analysts Set Cummins Inc. (NYSE:CMI) PT at $492.75

Shares of Cummins Inc. (NYSE:CMI) have been assigned a consensus rating of “Moderate Buy” from the nineteen research firms that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $492.75.

A number of research analysts have issued reports on CMI shares. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Barclays restated a “positive” rating on shares of Cummins in a research note on Friday, December 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Monday, December 15th. JPMorgan Chase & Co. raised their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th.

Insider Buying and Selling

In related news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,330 shares of company stock valued at $12,649,764 over the last 90 days. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $28,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $31,000. Guerra Advisors Inc purchased a new stake in Cummins during the third quarter worth $36,000. Salomon & Ludwin LLC grew its position in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Cummins in the third quarter worth about $37,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $519.20 on Thursday. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $526.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The firm has a market capitalization of $71.67 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.04 and a beta of 1.11. The stock’s 50-day simple moving average is $477.48 and its 200-day simple moving average is $413.67.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. Cummins’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $5.86 EPS. As a group, equities analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.