Robert W. Baird Trims Cummins (NYSE:CMI) Target Price to $295.00

Cummins (NYSE:CMI) had its target price trimmed by Robert W. Baird from $298.00 to $295.00 in a research report released on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Cummins from $245.00 to $275.00 and gave the company an underweight rating in a research note on Monday, March 25th. UBS Group raised shares of Cummins from a neutral rating to a buy rating and upped their price objective for the stock from $254.00 to $321.00 in a report on Friday, March 15th. The Goldman Sachs Group raised their target price on shares of Cummins from $270.00 to $306.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Citigroup upped their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a buy rating in a research note on Monday, February 12th. Finally, Truist Financial began coverage on shares of Cummins in a research note on Thursday, March 14th. They set a hold rating and a $303.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of Hold and an average price target of $282.55.

Cummins Stock Performance

Shares of CMI opened at $280.74 on Friday. The firm has a fifty day moving average of $285.39 and a 200-day moving average of $252.92. The company has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. Cummins has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $4.52 earnings per share. As a group, equities analysts anticipate that Cummins will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 49.19%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its holdings in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank acquired a new stake in Cummins during the fourth quarter worth about $298,867,000. International Assets Investment Management LLC increased its stake in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new position in Cummins in the 3rd quarter valued at approximately $71,268,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after acquiring an additional 274,927 shares during the period. 83.46% of the stock is owned by institutional investors.

About Cummins

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.