Cummins (NYSE:CMI) Given New $295.00 Price Target at Robert W. Baird

Cummins (NYSE:CMI) had its price target reduced by Robert W. Baird from $298.00 to $295.00 in a report published on Friday morning, Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

A number of other research firms have also recently issued reports on CMI. UBS Group raised Cummins from a neutral rating to a buy rating and increased their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. The Goldman Sachs Group increased their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. TD Cowen boosted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an outperform rating in a research report on Wednesday, February 7th. Morgan Stanley started coverage on shares of Cummins in a research note on Monday, January 8th. They issued an overweight rating and a $278.00 target price for the company. Finally, Bank of America downgraded Cummins from a neutral rating to an underperform rating and dropped their price target for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $282.55.

Cummins Price Performance

CMI opened at $283.59 on Friday. The stock has a market cap of $38.79 billion, a P/E ratio of 20.76, a P/E/G ratio of 1.90 and a beta of 1.04. Cummins has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $285.74 and a 200 day simple moving average of $253.36.

Cummins (NYSE:CMI) last announced its quarterly 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 business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company earned $4.52 earnings per share. On average, research analysts expect that Cummins will post 18.45 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders 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 yield of 2.37%. Cummins’s dividend payout ratio is 49.19%.

Insider Transactions at Cummins

In other news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction dated 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 completion of the transaction, 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. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of large investors have recently added to or reduced their stakes in CMI. Empowered Funds LLC increased its holdings in shares of Cummins by 35.9% in the first quarter. Empowered Funds LLC now owns 16,869 shares of the company’s stock valued at $4,970,000 after purchasing an additional 4,454 shares during the last quarter. Quantbot Technologies LP grew its stake in Cummins by 786.0% in the 1st quarter. Quantbot Technologies LP now owns 13,485 shares of the company’s stock valued at $3,973,000 after buying an additional 11,963 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Cummins by 22.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock valued at $1,686,000 after acquiring an additional 1,061 shares during the period. Empirical Finance LLC lifted its position in Cummins by 3.4% during the first quarter. Empirical Finance LLC now owns 5,152 shares of the company’s stock worth $1,518,000 after acquiring an additional 170 shares during the last quarter. Finally, Duality Advisers LP boosted its holdings in shares of Cummins by 190.3% during the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after acquiring an additional 12,087 shares during the period. Institutional investors 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.