Cummins (NYSE:CMI) Price Target Raised to $794.00

Cummins (NYSE:CMI) had its price target hoisted by Wells Fargo & Company from $693.00 to $794.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently commented on CMI. Barclays boosted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Friday, April 10th. Truist Financial boosted their target price on shares of Cummins from $703.00 to $730.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Raymond James Financial boosted their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $649.47.

Cummins Stock Down 0.5%

CMI opened at $679.25 on Wednesday. Cummins has a fifty-two week low of $305.13 and a fifty-two week high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 1.71. The company has a fifty day moving average of $586.92 and a two-hundred day moving average of $543.54. The stock has a market capitalization of $93.73 billion, a price-to-earnings ratio of 35.25, a PEG ratio of 1.75 and a beta of 1.27.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.96 earnings per share. On average, research analysts expect that Cummins will post 27.9 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is presently 41.52%.

Insider Activity

In related news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 33,603 shares of company stock valued at $20,047,788 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors and hedge funds have recently bought and sold shares of CMI. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after purchasing an additional 2,417 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Bailard Inc. boosted its holdings in Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC boosted its holdings in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.