Evercore ISI Boosts Cummins (NYSE:CMI) Price Target to $451.00

Cummins (NYSE:CMI) had its price objective boosted by Evercore ISI from $408.00 to $451.00 in a research note released on Wednesday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Other analysts also recently issued reports about the stock. Citigroup decreased their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Down 4.6 %

CMI opened at $366.79 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins has a 1-year low of $259.06 and a 1-year high of $387.90. The company has a market capitalization of $50.43 billion, a PE ratio of 13.02, a PEG ratio of 2.20 and a beta of 1.00. The firm’s 50 day simple moving average is $361.51 and its two-hundred day simple moving average is $341.71.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the firm earned $4.14 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities analysts forecast that Cummins will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s payout ratio is 25.84%.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently bought and sold shares of CMI. Global Trust Asset Management LLC grew its stake in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter worth $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the 4th quarter worth $27,000. Meeder Asset Management Inc. grew its stake in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins in the 4th quarter worth $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.