Cummins (NYSE:CMI) Receives “Buy” Rating from Citigroup

by · The Cerbat Gem

Citigroup reiterated their buy rating on shares of Cummins (NYSE:CMI – Free Report) in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm currently has a $360.00 target price on the stock, up from their previous target price of $350.00.

CMI has been the topic of several other research reports. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and dropped their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Robert W. Baird dropped their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Truist Financial dropped their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $358.08.

Get Our Latest Report on Cummins

Cummins Stock Up 1.9%

Cummins stock opened at $324.85 on Tuesday. The firm has a market cap of $44.75 billion, a PE ratio of 16.16, a P/E/G ratio of 1.92 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The firm’s 50 day moving average price is $314.05 and its two-hundred day moving average price is $333.29. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the business earned $5.08 EPS. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, research analysts predict that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is 36.22%.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.41% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently bought and sold shares of the stock. BankPlus Trust Department bought a new stake in Cummins in the 4th quarter valued at $26,000. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC bought a new position in shares of Cummins during the 4th quarter worth about $28,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins during the 4th quarter worth about $30,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Cummins during the 4th quarter worth about $32,000. 83.46% of the stock is owned by institutional investors.

Cummins Company Profile

(Get Free Report)

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.

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