Cummins (NYSE:CMI) had its price target increased by Barclays from $175.00 to $192.00 in a report published on Wednesday, BenzingaRatingsTable reports. Barclays currently has an equal weight rating on the stock.
Several other brokerages have also issued reports on CMI. JPMorgan Chase & Co. raised their price target on shares of Cummins from $145.00 to $171.00 and gave the stock a neutral rating in a research note on Wednesday, July 1st. UBS Group lifted their price objective on shares of Cummins from $167.00 to $168.00 and gave the company a neutral rating in a research note on Wednesday, April 29th. TheStreet upgraded shares of Cummins from a c+ rating to a b rating in a research note on Friday, May 1st. Cfra reduced their price objective on shares of Cummins from $176.00 to $170.00 and set a hold rating for the company in a research note on Tuesday, April 28th. Finally, Piper Sandler lowered shares of Cummins from an overweight rating to a neutral rating and reduced their price objective for the company from $195.00 to $162.00 in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $185.71.
Shares of CMI stock opened at $193.26 on Wednesday. The company has a 50 day moving average of $176.98 and a 200-day moving average of $160.75. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. Cummins has a 12-month low of $101.03 and a 12-month high of $204.98. The firm has a market cap of $28.51 billion, a P/E ratio of 17.24, a PEG ratio of 3.39 and a beta of 1.14.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.93. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same quarter last year, the business posted $4.27 EPS. Cummins’s quarterly revenue was down 38.1% compared to the same quarter last year. As a group, equities analysts expect that Cummins will post 8.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Thursday, August 20th. Cummins’s dividend payout ratio is currently 34.82%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Cummins by 1.9% during the 1st quarter. BlackRock Inc. now owns 12,591,114 shares of the company’s stock worth $1,703,832,000 after acquiring an additional 235,559 shares during the last quarter. State Street Corp lifted its holdings in shares of Cummins by 1.4% during the 1st quarter. State Street Corp now owns 7,194,290 shares of the company’s stock worth $973,531,000 after acquiring an additional 98,214 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 3.2% in the 1st quarter. Geode Capital Management LLC now owns 2,862,227 shares of the company’s stock worth $386,903,000 after purchasing an additional 89,948 shares during the period. First Eagle Investment Management LLC raised its position in Cummins by 17.6% in the 1st quarter. First Eagle Investment Management LLC now owns 2,201,444 shares of the company’s stock worth $297,899,000 after purchasing an additional 329,228 shares during the period. Finally, Invesco Ltd. raised its position in Cummins by 0.6% in the 1st quarter. Invesco Ltd. now owns 1,918,477 shares of the company’s stock worth $259,608,000 after purchasing an additional 11,801 shares during the period. 80.86% of the stock is owned by institutional investors.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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