Cummins (NYSE:CMI) Given New $338.00 Price Target at Truist Financial

Cummins (NYSE:CMI) had its price target lowered by Truist Financial from $420.00 to $338.00 in a report released on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

CMI has been the topic of several other reports. JPMorgan Chase & Co. dropped their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Citigroup reduced their target price on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday, March 31st. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $359.75.

Cummins Price Performance

Shares of NYSE:CMI opened at $265.72 on Tuesday. The business has a 50-day simple moving average of $340.97 and a two-hundred day simple moving average of $347.82. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market cap of $36.60 billion, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm earned $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts expect that Cummins will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.74%. Cummins’s dividend payout ratio is 25.84%.

Institutional Trading of Cummins

Hedge funds have recently bought and sold shares of the stock. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% in the fourth 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 bought a new stake in Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Cummins in the fourth quarter valued at $28,000. Hedge funds and other institutional investors 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.