Morgan Stanley Cuts Cummins (NYSE:CMI) Price Target to $340.00

Cummins (NYSE:CMI - Free Report) had its price target decreased by Morgan Stanley from $425.00 to $340.00 in a research report report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the stock. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and cut their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird cut their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $346.00.

Cummins Trading Down 2.7 %

NYSE CMI traded down $7.49 during trading hours on Wednesday, hitting $274.32. The company's stock had a trading volume of 1,086,789 shares, compared to its average volume of 805,638. The stock has a fifty day moving average of $326.83 and a 200 day moving average of $345.52. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90. The firm has a market capitalization of $37.79 billion, a P/E ratio of 9.74, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating 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 return on equity of 27.12% and a net margin of 11.57%. The firm's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.14 EPS. Equities research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

Institutional Inflows and Outflows

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

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.