Truist Financial Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI - Free Report) had its price target decreased by Truist Financial from $420.00 to $338.00 in a research note published on Tuesday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

CMI has been the subject of several other reports. JPMorgan Chase & Co. reduced their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. 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 note on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $354.17.

Cummins Stock Performance

Shares of NYSE CMI traded up $4.25 during trading hours on Tuesday, reaching $286.00. The stock had a trading volume of 722,702 shares, compared to its average volume of 813,958. The firm has a 50-day moving average of $335.61 and a 200-day moving average of $346.83. The firm has a market cap of $39.40 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts predict that Cummins will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is presently 25.84%.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently modified their holdings of CMI. First City Capital Management Inc. raised its position in shares of Cummins by 9.6% in the first quarter. First City Capital Management Inc. now owns 1,710 shares of the company's stock valued at $536,000 after buying an additional 150 shares during the last quarter. Independence Bank of Kentucky lifted its stake in shares of Cummins by 1.9% during the 1st quarter. Independence Bank of Kentucky now owns 2,640 shares of the company's stock worth $827,000 after purchasing an additional 50 shares during the period. Sara Bay Financial lifted its stake in shares of Cummins by 16.5% during the 1st quarter. Sara Bay Financial now owns 5,267 shares of the company's stock worth $1,654,000 after purchasing an additional 746 shares during the period. SeaCrest Wealth Management LLC boosted its holdings in shares of Cummins by 9.8% during the first quarter. SeaCrest Wealth Management LLC now owns 1,069 shares of the company's stock worth $335,000 after purchasing an additional 95 shares during the last quarter. Finally, Procyon Advisors LLC increased its stake in Cummins by 5.9% in the first quarter. Procyon Advisors LLC now owns 1,457 shares of the company's stock valued at $457,000 after purchasing an additional 81 shares during the last quarter. 83.46% of the stock is 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.