Raymond James Initiates Coverage on Cummins (NYSE:CMI)

Raymond James began coverage on shares of Cummins (NYSE:CMI) in a research report sent to investors on Friday, MarketBeat.com reports. The firm issued a market perform rating on the stock.

CMI has been the topic of several other reports. Truist Financial restated a hold rating and issued a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. The Goldman Sachs Group boosted their target price on Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. StockNews.com upgraded shares of Cummins from a hold rating to a buy rating in a research report on Wednesday, May 8th. Robert W. Baird decreased their price objective on shares of Cummins from $298.00 to $295.00 and set a neutral rating for the company in a report on Friday, May 3rd. Finally, TD Cowen increased their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a buy rating in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of Hold and an average price target of $287.55.

Cummins Price Performance

Shares of CMI stock opened at $276.93 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins has a 12 month low of $212.80 and a 12 month high of $304.24. The firm has a market cap of $37.88 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.73 and a beta of 1.02. The stock has a 50-day moving average price of $282.30 and a 200 day moving average price of $269.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Research analysts expect that Cummins will post 18.84 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is 49.19%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Marvin Boakye purchased 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently bought and sold shares of CMI. SRN Advisors LLC raised its stake in Cummins by 5.0% in the 1st quarter. SRN Advisors LLC now owns 3,753 shares of the company’s stock valued at $1,106,000 after acquiring an additional 178 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Cummins by 93.3% in the first quarter. EverSource Wealth Advisors LLC now owns 665 shares of the company’s stock valued at $188,000 after purchasing an additional 321 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Cummins by 10.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 316,646 shares of the company’s stock worth $93,480,000 after buying an additional 30,156 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Cummins during the 1st quarter worth about $2,412,000. Finally, Garde Capital Inc. acquired a new position in Cummins in the 1st quarter valued at about $111,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

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.