Cummins (NYSE:CMI) PT Raised to $306.00 at The Goldman Sachs Group

Cummins (NYSE:CMI) had its target price hoisted by The Goldman Sachs Group from $270.00 to $306.00 in a research report report published on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

CMI has been the topic of several other research reports. Evercore ISI boosted their target price on Cummins from $231.00 to $244.00 and gave the company an in-line rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an underweight rating in a report on Monday, March 25th. StockNews.com cut shares of Cummins from a buy rating to a hold rating in a research note on Monday, March 4th. TheStreet lowered shares of Cummins from an a- rating to a c+ rating in a research report on Tuesday, February 6th. Finally, Citigroup boosted their target price on Cummins from $265.00 to $285.00 and gave the company a buy rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has a consensus rating of Hold and an average target price of $279.70.

Cummins Price Performance

CMI stock opened at $287.56 on Tuesday. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24. The firm has a market capitalization of $39.33 billion, a P/E ratio of 55.51, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company has a fifty day simple moving average of $280.26 and a two-hundred day simple moving average of $248.36. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the business posted $4.52 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. Analysts anticipate that Cummins will post 18.24 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel William Fisher bought 562 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 over the last three months. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Large investors have recently added to or reduced their stakes in the company. Balentine LLC lifted its position in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after acquiring an additional 127 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins during the third quarter worth $9,048,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares during the last quarter. Capital Advisors Inc. OK acquired a new stake in shares of Cummins in the 4th quarter worth $24,915,000. Finally, SG Americas Securities LLC grew its stake in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares during the last quarter. 83.46% of the stock is currently 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.