JPMorgan Chase & Co. Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI - Free Report) had its target price lowered by JPMorgan Chase & Co. from $420.00 to $375.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

CMI has been the subject of several other research reports. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Citigroup decreased their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Finally, 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 report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $389.50.

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Cummins Stock Down 1.1 %

NYSE CMI traded down $3.62 on Tuesday, hitting $321.78. 1,244,157 shares of the company were exchanged, compared to its average volume of 784,281. 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 company has a market cap of $44.24 billion, a PE ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01. The stock has a fifty day moving average of $355.99 and a 200-day moving average of $347.12.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS 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 the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $4.14 EPS. As a group, analysts forecast that Cummins will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is currently 25.84%.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Trust Asset Management LLC increased its position in shares of Cummins by 59.6% during the fourth 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 during the period. BankPlus Trust Department purchased a new position in Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new stake in Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new position in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is currently 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.