Cummins (NYSE:CMI) Price Target Raised to $522.00 at Truist Financial

Cummins (NYSE:CMI) had its price target lifted by Truist Financial from $434.00 to $522.00 in a research note released on Friday,Benzinga reports. They currently have a hold rating on the stock.

CMI has been the subject of a number of other research reports. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Wednesday. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $428.93.

Cummins Trading Up 2.4%

NYSE CMI traded up $11.30 during trading hours on Friday, hitting $474.10. The company’s stock had a trading volume of 1,372,869 shares, compared to its average volume of 880,308. Cummins has a twelve month low of $260.02 and a twelve month high of $482.53. The firm has a market capitalization of $65.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average of $420.80 and a 200 day moving average of $368.54.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates 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 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.86 EPS. Equities research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 37,949 shares of company stock valued at $15,674,705. Corporate insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several large investors have recently modified their holdings of CMI. Brighton Jones LLC boosted its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Stratos Wealth Partners LTD. raised its stake in Cummins by 16.7% during the first quarter. Stratos Wealth Partners LTD. now owns 2,136 shares of the company’s stock worth $670,000 after acquiring an additional 306 shares in the last quarter. Bridges Investment Management Inc. boosted its position in Cummins by 19.1% in the first quarter. Bridges Investment Management Inc. now owns 810 shares of the company’s stock valued at $254,000 after buying an additional 130 shares in the last quarter. Alps Advisors Inc. grew its position in Cummins by 32.4% during the 1st quarter. Alps Advisors Inc. now owns 4,662 shares of the company’s stock worth $1,461,000 after acquiring an additional 1,140 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in Cummins by 7.1% in the 1st quarter. Cerity Partners LLC now owns 124,990 shares of the company’s stock valued at $39,177,000 after buying an additional 8,327 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Company Profile

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.