Cummins (NYSE:CMI) had its price target lifted by Credit Suisse Group from $198.00 to $203.00 in a report released on Wednesday, The Fly reports. Credit Suisse Group currently has an outperform rating on the stock.
A number of other equities analysts also recently issued reports on the company. Standpoint Research downgraded Cummins from a buy rating to a hold rating in a research report on Tuesday, July 16th. Wells Fargo & Co lowered their price objective on Cummins from $175.00 to $165.00 and set a market perform rating for the company in a research report on Monday, June 3rd. Loop Capital downgraded Cummins from a hold rating to a sell rating and lowered their price objective for the stock from $168.00 to $145.00 in a research report on Tuesday, July 2nd. Stifel Nicolaus raised their price objective on Cummins from $176.00 to $183.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Zacks Investment Research upgraded Cummins from a hold rating to a buy rating and set a $185.00 price objective for the company in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $166.67.
Shares of CMI traded down $1.05 during mid-day trading on Wednesday, reaching $158.68. 1,316,903 shares of the company were exchanged, compared to its average volume of 1,094,594. Cummins has a 52 week low of $124.40 and a 52 week high of $175.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 0.96. The company has a market capitalization of $25.88 billion, a PE ratio of 11.99, a PEG ratio of 1.26 and a beta of 1.14. The stock has a 50 day simple moving average of $169.41.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be paid a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Tuesday, August 20th. This is a boost from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio (DPR) is 34.47%.
Institutional investors have recently made changes to their positions in the business. Gradient Investments LLC boosted its position in shares of Cummins by 102.8% during the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after buying an additional 74 shares during the last quarter. Guidant Wealth Advisors purchased a new position in shares of Cummins during the first quarter valued at approximately $29,000. SeaBridge Investment Advisors LLC purchased a new position in shares of Cummins during the first quarter valued at approximately $32,000. Meridian Wealth Management LLC purchased a new position in shares of Cummins during the first quarter valued at approximately $32,000. Finally, Sonora Investment Management LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $32,000. 80.99% of the stock is owned by hedge funds and other institutional investors.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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