The Goldman Sachs Group Increases Cummins (NYSE:CMI) Price Target to $306.00

Cummins (NYSE:CMI) had its price target upped by The Goldman Sachs Group from $270.00 to $306.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also commented on CMI. UBS Group raised Cummins from a neutral rating to a buy rating and upped their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Truist Financial initiated coverage on Cummins in a research note on Thursday, March 14th. They issued a hold rating and a $303.00 price target on the stock. StockNews.com downgraded Cummins from a buy rating to a hold rating in a research note on Monday, March 4th. TD Cowen upped their price target on Cummins from $260.00 to $272.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. Finally, Bank of America downgraded Cummins from a neutral rating to an underperform rating and cut their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $279.70.

Cummins Trading Up 0.0 %

NYSE CMI opened at $291.42 on Tuesday. Cummins has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $279.54 and a 200-day moving average of $247.93. The firm has a market cap of $39.85 billion, a PE ratio of 56.26, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period last year, the firm posted $4.52 EPS. The company’s revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins will post 18.29 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insiders Place Their Bets

In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

Institutional investors have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new stake in shares of Cummins during the third quarter worth about $25,000. First United Bank & Trust bought a new position in Cummins during the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Silver Oak Securities Incorporated bought a new position in Cummins during the third quarter valued at approximately $28,000. Finally, Global Wealth Strategies & Associates bought a new position in Cummins during the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.