Cummins (NYSE:CMI) Stock Gets Price Target Cut from Citigroup

Cummins (NYSE:CMI) had its price target decreased by Citigroup from $790.00 to $630.00 in a research report released on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Evercore lowered their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Morgan Stanley raised their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, Wells Fargo & Company reduced their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Price Performance

Shares of CMI opened at $525.39 on Monday. Cummins has a 12-month low of $405.82 and a 12-month high of $737.76. The business has a 50-day simple moving average of $560.36 and a two-hundred day simple moving average of $620.42. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The stock has a market cap of $72.33 billion, a PE ratio of 26.85, a PEG ratio of 1.39 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business posted $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts anticipate that Cummins will post 30.10 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s payout ratio is presently 44.97%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mather Group LLC. lifted its holdings in Cummins by 702.9% in the third quarter. Mather Group LLC. now owns 26,631 shares of the company’s stock valued at $13,757,000 after buying an additional 23,314 shares during the period. Hudock Inc. boosted its position in Cummins by 182.9% during the third quarter. Hudock Inc. now owns 2,470 shares of the company’s stock valued at $1,276,000 after acquiring an additional 1,597 shares during the last quarter. First Pacific Financial grew its holdings in Cummins by 2.7% during the 3rd quarter. First Pacific Financial now owns 2,469 shares of the company’s stock worth $1,246,000 after acquiring an additional 66 shares during the period. Strategy Asset Managers LLC acquired a new stake in Cummins during the 3rd quarter worth about $691,000. Finally, Tempus Wealth Planning LLC grew its holdings in Cummins by 28.2% during the 3rd quarter. Tempus Wealth Planning LLC now owns 582 shares of the company’s stock worth $301,000 after acquiring an additional 128 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.