Cummins (NYSE:CMI - Free Report) had its target price cut by UBS Group from $432.00 to $400.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.
Several other research firms have also weighed in on CMI. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research note on Tuesday. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins has an average rating of "Hold" and an average price target of $389.50.
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Cummins Stock Performance
CMI traded down $3.62 on Tuesday, hitting $321.78. 1,244,157 shares of the stock traded hands, compared to its average volume of 766,424. Cummins has a 52 week low of $261.51 and a 52 week 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 firm has a market capitalization of $44.24 billion, a PE ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. The business has a fifty day moving average price of $355.99 and a two-hundred day moving average price of $347.41.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the company posted $4.14 earnings per share. The company's quarterly revenue was down 1.1% compared to the same quarter last year. On average, research analysts predict that Cummins will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is 25.84%.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.
Cummins Company Profile
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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.
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