The Goldman Sachs Group Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price target raised by The Goldman Sachs Group from $324.00 to $370.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

CMI has been the subject of several other reports. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Citigroup upped their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $324.83.

Cummins Stock Performance

Shares of NYSE:CMI traded up $1.06 during trading on Wednesday, reaching $357.07. 140,256 shares of the company’s stock traded hands, compared to its average volume of 1,502,094. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a 50 day moving average of $321.21 and a 200-day moving average of $298.27. Cummins has a 12 month low of $214.57 and a 12 month high of $370.21. The stock has a market capitalization of $48.94 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $4.73 EPS. On average, equities analysts expect that Cummins will post 19.96 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.04%. Cummins’s payout ratio is presently 52.49%.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of institutional investors have recently modified their holdings of CMI. Cultivar Capital Inc. acquired a new stake in Cummins during the second quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in Cummins in the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter worth approximately $34,000. 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.