Cummins Inc. (NYSE:CMI) Given Average Recommendation of “Hold” by Brokerages

Cummins Inc. (NYSE:CMI) has been assigned an average recommendation of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $295.00.

Several research firms have recently issued reports on CMI. TD Cowen lifted their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Truist Financial upped their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird lifted their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup assumed coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company.

Insider Buying and Selling

In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently made changes to their positions in the stock. First United Bank & Trust acquired a new stake in Cummins in the fourth quarter valued at $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $26,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the second quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the second quarter worth about $28,000. Finally, Lynx Investment Advisory bought a new stake in Cummins in the second quarter valued at about $29,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.6 %

Shares of Cummins stock opened at $301.65 on Monday. The company has a 50-day moving average of $283.32 and a two-hundred day moving average of $280.93. Cummins has a 12-month low of $212.80 and a 12-month high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $41.26 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $5.18 EPS. On average, research analysts anticipate that Cummins will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.41%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.