Cummins Inc. (NYSE:CMI) Receives $476.75 Consensus PT from Analysts

Cummins Inc. (NYSE:CMI) has received an average rating of “Moderate Buy” from the nineteen analysts that are currently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $476.75.

Several analysts recently issued reports on the stock. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, November 24th. Finally, Citigroup raised their price target on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th.

Cummins Stock Performance

NYSE:CMI opened at $502.08 on Friday. The company’s 50-day moving average is $445.26 and its two-hundred day moving average is $390.39. Cummins has a 1-year low of $260.02 and a 1-year high of $504.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The firm has a market capitalization of $69.31 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 1.95 and a beta of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.86 EPS. Analysts forecast that Cummins will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 41.52%.

Insider Transactions at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 36,410 shares of company stock valued at $16,424,574. 0.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC grew its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Cummins during the first quarter worth $575,000. Mesirow Financial Investment Management Inc. increased its holdings in Cummins by 19.3% in the first quarter. Mesirow Financial Investment Management Inc. now owns 691 shares of the company’s stock valued at $217,000 after buying an additional 112 shares during the last quarter. NorthRock Partners LLC raised its stake in Cummins by 22.6% in the first quarter. NorthRock Partners LLC now owns 961 shares of the company’s stock valued at $301,000 after buying an additional 177 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its holdings in Cummins by 5.5% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 1,077 shares of the company’s stock worth $338,000 after buying an additional 56 shares during the last quarter. Hedge funds and other 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.