Brokerages Set Cummins Inc. (NYSE:CMI) PT at $745.64

Cummins Inc. (NYSE:CMI) has been assigned an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $764.5385.

A number of analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Valmark Advisers Inc. raised its position in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares during the period. Guardian Partners Inc. grew its stake in shares of Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its stake in shares of Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its holdings in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares during the period. Finally, ICW Investment Advisors LLC raised its holdings in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Cummins stock opened at $561.44 on Tuesday. Cummins has a 52-week low of $390.11 and a 52-week high of $737.76. The firm has a market capitalization of $77.29 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 1.52 and a beta of 1.23. The company has a fifty day simple moving average of $629.72 and a 200-day simple moving average of $626.43. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $6.43 earnings per share. On average, equities analysts anticipate that Cummins will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 44.97%.

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.