Cummins Inc. (NYSE:CMI) Receives $745.64 Average Price Target from Analysts

Shares of Cummins Inc. (NYSE:CMI) have received an average recommendation of “Moderate Buy” from the fifteen ratings firms that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $764.5385.

Several analysts have commented on CMI shares. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday.

Cummins Stock Performance

Cummins stock opened at $545.50 on Tuesday. The company has a market cap of $75.09 billion, a PE ratio of 27.87, a PEG ratio of 1.49 and a beta of 1.23. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins has a 1 year low of $390.11 and a 1 year high of $737.76. The company’s 50-day moving average is $634.80 and its two-hundred day moving average is $626.95.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the firm earned $6.43 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts anticipate that Cummins will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMI. Cornerstone Financial Management LLC increased its holdings in shares of Cummins by 65.8% in the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock worth $45,000 after acquiring an additional 25 shares in the last quarter. Amundi raised its position in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares during the period. Wellington Grp LLC lifted its holdings in shares of Cummins by 2.3% during the 2nd quarter. Wellington Grp LLC now owns 4,481 shares of the company’s stock valued at $3,196,000 after purchasing an additional 99 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $1,541,000. Finally, California State Teachers Retirement System grew its position in shares of Cummins by 71,801.8% in the 2nd quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company’s stock valued at $105,726,749,000 after purchasing an additional 148,034,528 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Company Profile

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.