JPMorgan Chase & Co. Cuts Cummins (NYSE:CMI) Price Target to $375.00

Cummins (NYSE:CMI) had its price objective trimmed by JPMorgan Chase & Co. from $420.00 to $375.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

CMI has been the subject of several other reports. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

Cummins stock opened at $325.38 on Tuesday. Cummins has a 12-month low of $261.51 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $44.73 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm’s fifty day moving average price is $356.66 and its 200 day moving average price is $347.05.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.14 earnings per share. On average, research analysts forecast that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins’s dividend payout ratio is currently 25.84%.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently made changes to their positions in the stock. Claro Advisors LLC bought a new position in Cummins during the 3rd quarter worth $308,000. AMG National Trust Bank acquired a new position in shares of Cummins during the third quarter valued at $219,000. Meeder Advisory Services Inc. grew its position in shares of Cummins by 3.8% during the third quarter. Meeder Advisory Services Inc. now owns 4,403 shares of the company’s stock worth $1,426,000 after acquiring an additional 163 shares during the last quarter. Caprock Group LLC grew its position in shares of Cummins by 3.1% during the third quarter. Caprock Group LLC now owns 8,579 shares of the company’s stock worth $2,778,000 after acquiring an additional 255 shares during the last quarter. Finally, Verity & Verity LLC increased its holdings in shares of Cummins by 1.0% in the 3rd quarter. Verity & Verity LLC now owns 34,640 shares of the company’s stock worth $11,216,000 after acquiring an additional 357 shares during the period. 83.46% of the stock is owned by institutional investors.

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.