Cummins (NYSE:CMI) Given New $306.00 Price Target at The Goldman Sachs Group

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

Several other research analysts have also recently issued reports on the company. TheStreet cut Cummins from an a- rating to a c+ rating in a research note on Tuesday, February 6th. Truist Financial initiated coverage on Cummins in a research report on Thursday, March 14th. They set a hold rating and a $303.00 price target for the company. StockNews.com cut Cummins from a buy rating to a hold rating in a research report on Monday, March 4th. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the company an underweight rating in a research report on Monday, March 25th. Finally, TD Cowen raised their price objective on Cummins from $260.00 to $272.00 and gave the company an outperform rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $279.70.

Cummins Trading Down 0.4 %

Cummins stock opened at $294.58 on Tuesday. The stock has a 50-day moving average of $277.85 and a two-hundred day moving average of $247.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins has a one year low of $203.18 and a one year high of $304.24. The stock has a market cap of $40.29 billion, a PE ratio of 56.87, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS 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 business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the business posted $4.52 earnings per share. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, research analysts anticipate that Cummins will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently added to or reduced their stakes in the company. Synovus Financial Corp raised its holdings in Cummins by 254.4% during the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,378 shares in the last quarter. Cibc World Market Inc. raised its holdings in Cummins by 65.4% during the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock worth $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. raised its holdings in Cummins by 16.1% during the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock worth $19,282,000 after purchasing an additional 13,058 shares in the last quarter. Prudential PLC acquired a new stake in Cummins during the first quarter worth approximately $711,000. Finally, Cetera Investment Advisers increased its holdings in shares of Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after acquiring an additional 1,925 shares during the period. Institutional investors and hedge funds 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.