Cummins (NYSE:CMI) Stock Gets Price Target Cut from Freedom Broker

Cummins (NYSE:CMI) had its price target cut by Freedom Broker from $800.00 to $720.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. cut their price target on Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a research report on Friday, November 6th. UBS Group lowered their target price on Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America lowered their target price on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Morgan Stanley raised their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Weiss Ratings cut Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $659.44.

Cummins Stock Down 0.8%

Shares of CMI opened at $451.68 on Wednesday. The company has a current ratio of 1.74, a quick ratio of 1.13 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $61.92 billion, a P/E ratio of 18.85, a P/E/G ratio of 1.21 and a beta of 1.26. The firm has a fifty day moving average price of $516.73 and a 200-day moving average price of $596.65. Cummins has a 12-month low of $443.62 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping the consensus estimate of $8.20 by $0.05. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the company posted $5.59 EPS. Equities research analysts expect that Cummins will post 29.83 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio is presently 36.73%.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC increased its holdings in shares of Cummins by 6.8% in the 3rd quarter. Empowered Funds LLC now owns 26,965 shares of the company’s stock valued at $13,929,000 after acquiring an additional 1,722 shares during the period. Kovack Advisors Inc. raised its position in Cummins by 8.7% in the 3rd quarter. Kovack Advisors Inc. now owns 1,396 shares of the company’s stock valued at $721,000 after purchasing an additional 112 shares during the last quarter. Caxton Associates LLP acquired a new stake in Cummins during the 3rd quarter worth $230,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Cummins by 111.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 219,312 shares of the company’s stock worth $113,290,000 after purchasing an additional 115,685 shares during the period. Finally, New World Advisors LLC grew its position in Cummins by 33.1% during the 3rd quarter. New World Advisors LLC now owns 454 shares of the company’s stock worth $235,000 after purchasing an additional 113 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.