Cummins (NYSE:CMI) Stock Gets Price Target Reduction from Barclays

Cummins (NYSE:CMI) had its price objective cut by Barclays from $760.00 to $675.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently issued reports on the company. Bank of America dropped their target price on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. DA Davidson boosted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Wells Fargo & Company lowered their price objective on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Finally, UBS Group lowered their price objective on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $703.18.

Cummins Stock Performance

CMI stock opened at $543.28 on Monday. The company has a market cap of $74.79 billion, a P/E ratio of 21.90, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. Cummins has a 1 year low of $407.57 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock’s fifty day moving average price is $549.81 and its 200-day moving average price is $620.36.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $6.43 EPS. On average, equities analysts forecast that Cummins will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is 44.97%.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was 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 in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Cummins during the second quarter worth about $8,204,241,000. Bank of America Corp DE bought a new stake in Cummins during the 2nd quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp bought a new stake in Cummins during the 2nd quarter valued at approximately $973,198,000. Legal & General Group Plc purchased a new position in Cummins in the 2nd quarter worth approximately $666,635,000. Finally, Amundi lifted its holdings in Cummins by 19.7% in the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.