Truist Financial Boosts Cummins (NYSE:CMI) Price Target to $349.00

Cummins (NYSE:CMI) had its price target lifted by Truist Financial from $315.00 to $349.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They issued a market perform rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an underweight rating in a report on Friday, August 2nd. Citigroup initiated coverage on shares of Cummins in a report on Wednesday, June 26th. They set a buy rating and a $320.00 target price on the stock. Finally, The Goldman Sachs Group boosted their price target on Cummins from $270.00 to $306.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $295.00.

Cummins Stock Down 0.1 %

Shares of CMI opened at $292.06 on Monday. The firm has a market cap of $39.95 billion, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a 52 week low of $212.80 and a 52 week high of $322.83. The firm’s 50-day simple moving average is $280.67 and its 200 day simple moving average is $277.86.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.18 earnings per share. On average, analysts forecast that Cummins will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.49%. Cummins’s dividend payout ratio is presently 53.29%.

Insider Activity

In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Marvin Boakye acquired 1,745 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Fisher Asset Management LLC increased its position in Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after acquiring an additional 106,017 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cummins by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after acquiring an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in shares of Cummins by 3.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after purchasing an additional 43,090 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 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.