Citigroup Cuts Cummins (NYSE:CMI) Price Target to $320.00

Cummins (NYSE:CMI) had its target price trimmed by Citigroup from $360.00 to $320.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also issued reports on CMI. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $359.75.

Cummins Trading Down 5.1 %

CMI opened at $281.35 on Tuesday. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a market capitalization of $38.75 billion, a PE ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company’s 50-day moving average is $337.17 and its 200 day moving average is $347.05.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.59%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently bought and sold shares of CMI. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new stake in Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. increased its holdings 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 during the last quarter. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter valued at $28,000. 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.