UBS Group Cuts Cummins (NYSE:CMI) Price Target to $400.00

Cummins (NYSE:CMI) had its price objective reduced by UBS Group from $432.00 to $400.00 in a research note released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

CMI has been the topic of several other reports. Robert W. Baird boosted their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. JPMorgan Chase & Co. cut their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Down 0.5 %

Shares of Cummins stock opened at $325.38 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins has a 1 year low of $261.51 and a 1 year high of $387.90. The stock has a 50-day moving average price of $356.66 and a 200 day moving average price of $347.05. The company has a market cap of $44.73 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the firm earned $4.14 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts expect that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Hedge Funds Weigh In On Cummins

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after buying an additional 250,650 shares during the period. State Street Corp increased its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the period. Geode Capital Management LLC raised its stake in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. Finally, Northern Trust Corp grew its position in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.