Cummins (NYSE:CMI) Lowered to "Hold" Rating by StockNews.com

StockNews.com cut shares of Cummins (NYSE:CMI - Free Report) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other brokerages also recently commented on CMI. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Barclays lifted their price objective 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. Finally, Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $389.50.

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Cummins Trading Down 0.3 %

CMI stock traded down $1.04 during mid-day trading on Tuesday, reaching $326.99. The company's stock had a trading volume of 126,160 shares, compared to its average volume of 758,603. Cummins has a 12 month low of $261.51 and a 12 month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The business's 50 day moving average price is $354.07 and its 200 day moving average price is $348.10. The company has a market cap of $44.95 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.14 EPS. On average, equities research analysts predict that Cummins will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins's dividend payout ratio is presently 25.84%.

Institutional Trading of Cummins

A number of hedge funds have recently made changes to their positions in CMI. Norges Bank bought a new stake in Cummins during the fourth quarter worth about $499,490,000. Raymond James Financial Inc. bought a new stake in Cummins in the 4th quarter worth approximately $187,082,000. Vanguard Group Inc. boosted its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Northern Trust Corp grew its position in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after acquiring an additional 233,694 shares in the last quarter. 83.46% of the stock is 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.