Cummins (NYSE:CMI) Price Target Increased to $310.00 by Analysts at Barclays

Cummins (NYSE:CMI) had its price objective upped by Barclays from $259.00 to $310.00 in a research note published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also issued reports about the stock. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the company a hold rating in a research note on Monday. The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. TD Cowen raised their target price on Cummins from $272.00 to $292.00 and gave the company a buy rating in a report on Friday, May 10th. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a market perform rating for the company. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an underweight rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $295.00.

Cummins Trading Up 1.7 %

Cummins stock opened at $297.08 on Monday. Cummins has a one year low of $212.80 and a one year high of $322.83. The company’s fifty day moving average price is $281.03 and its two-hundred day moving average price is $277.99. The company has a market capitalization of $40.63 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.45%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Insiders Place Their Bets

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

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently made changes to their positions in CMI. Envestnet Asset Management Inc. increased its holdings in Cummins by 1.3% in the second quarter. Envestnet Asset Management Inc. now owns 640,999 shares of the company’s stock valued at $177,512,000 after purchasing an additional 8,082 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Cummins by 34.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,956 shares of the company’s stock worth $819,000 after acquiring an additional 758 shares during the last quarter. Thoroughbred Financial Services LLC bought a new stake in Cummins in the second quarter valued at approximately $321,000. HBK Sorce Advisory LLC grew its holdings in shares of Cummins by 1.7% in the 2nd quarter. HBK Sorce Advisory LLC now owns 2,933 shares of the company’s stock valued at $812,000 after buying an additional 48 shares during the period. Finally, Federated Hermes Inc. increased its position in shares of Cummins by 43.5% in the 2nd quarter. Federated Hermes Inc. now owns 14,463 shares of the company’s stock valued at $4,005,000 after buying an additional 4,384 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.