Cummins (NYSE:CMI) PT Raised to $275.00 at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its price objective boosted by JPMorgan Chase & Co. from $245.00 to $275.00 in a research note issued to investors on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Evercore ISI lifted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an in-line rating in a research report on Tuesday, February 20th. UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and lifted their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Citigroup lifted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a buy rating in a research note on Monday, February 12th. Morgan Stanley began coverage on shares of Cummins in a research note on Monday, January 8th. They set an overweight rating and a $278.00 price objective on the stock. Finally, Truist Financial began coverage on shares of Cummins in a research note on Thursday, March 14th. They set a hold rating and a $303.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $271.64.

Cummins Price Performance

CMI opened at $294.61 on Monday. The company’s 50 day simple moving average is $261.54 and its 200 day simple moving average is $240.87. 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 1 year low of $203.18 and a 1 year high of $297.11. The stock has a market capitalization of $41.79 billion, a PE ratio of 56.87, a P/E/G ratio of 1.98 and a beta of 1.03.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.52 earnings per share. As a group, sell-side analysts expect that Cummins will post 18.36 EPS for the current year.

Cummins Announces Dividend

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

Insider Buying and Selling

In related news, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction that occurred 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 purchase, the director now owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 51,289 shares of company stock worth $13,576,838. Insiders own 1.12% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of hedge funds have recently added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its holdings in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Norges Bank acquired a new position in shares of Cummins during the fourth quarter valued at $298,867,000. International Assets Investment Management LLC boosted its holdings in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new position in shares of Cummins during the third quarter valued at $71,268,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 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.