Cummins (NYSE:CMI) Price Target Raised to $451.00

Cummins (NYSE:CMI - Free Report) had its target price increased by Evercore ISI from $408.00 to $451.00 in a report issued on Wednesday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Other analysts have also recently issued research reports about the stock. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Barclays raised their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Finally, Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $386.67.

Cummins Stock Performance

CMI stock traded down $15.78 during trading hours on Wednesday, reaching $366.79. The stock had a trading volume of 795,186 shares, compared to its average volume of 826,659. The stock has a 50-day simple moving average of $361.52 and a 200 day simple moving average of $341.12. 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 stock has a market capitalization of $50.43 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. Cummins has a fifty-two week low of $259.06 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted 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 company had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $4.14 EPS. Analysts predict that Cummins will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins's payout ratio is presently 25.84%.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after buying an additional 28 shares in the last quarter. KG&L Capital Management LLC raised its position in shares of Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock valued at $1,296,000 after buying an additional 28 shares in the last quarter. Signaturefd LLC raised its position in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after buying an additional 28 shares in the last quarter. Fiduciary Trust Co increased its position in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares in the last quarter. Finally, Massachusetts Wealth Management increased its position in Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock worth $1,677,000 after purchasing an additional 30 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.