JPMorgan Chase & Co. Lowers Cummins (NYSE:CMI) Price Target to $308.00

Cummins (NYSE:CMI - Free Report) had its target price trimmed by JPMorgan Chase & Co. from $375.00 to $308.00 in a research note published on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

CMI has been the topic of a number of other reports. Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Citigroup cut their target price on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Robert W. Baird upped their price target 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. 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 research report on Wednesday, February 5th. Finally, UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $346.00.

Cummins Stock Performance

Shares of NYSE CMI traded down $6.85 during trading on Friday, reaching $280.51. The stock had a trading volume of 231,891 shares, compared to its average volume of 810,026. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $38.64 billion, a PE ratio of 9.96, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins has a one year low of $260.02 and a one year high of $387.90. The firm's 50 day moving average price is $332.32 and its two-hundred day moving average price is $346.31.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $4.14 EPS. On average, research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors 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 2.60%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is 25.84%.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its holdings in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc acquired a new position in Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC acquired a new stake in Cummins during the 4th quarter valued at $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.