Cummins Inc. (NYSE:CMI) Given Average Rating of “Hold” by Brokerages

Shares of Cummins Inc. (NYSE:CMI) have received an average recommendation of “Hold” from the thirteen analysts that are currently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $389.50.

A number of brokerages recently commented on CMI. Barclays boosted 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. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. UBS Group cut their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently made changes to their positions in the business. Global Trust Asset Management LLC increased its position in 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 during the period. BankPlus Trust Department acquired a new stake in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth $27,000. Meeder Asset Management Inc. raised its stake in 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 purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the 4th quarter worth $28,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 3.1 %

CMI stock opened at $313.45 on Tuesday. The company’s 50 day simple moving average is $352.17 and its 200-day simple moving average is $348.41. Cummins has a 52-week low of $261.51 and a 52-week high of $387.90. 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 firm has a market capitalization of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the firm earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.32%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.