JPMorgan Chase & Co. Cuts Cummins (NYSE:CMI) Price Target to $375.00

Cummins (NYSE:CMI) had its target price decreased by JPMorgan Chase & Co. from $420.00 to $375.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other analysts have also issued reports on CMI. Barclays raised 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. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Trading Down 0.5 %

Shares of CMI opened at $325.38 on Tuesday. Cummins has a 1-year low of $261.51 and a 1-year 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 50 day simple moving average of $356.66 and a 200-day simple moving average of $347.05. The stock has a market cap of $44.73 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $8.06 billion. During the same quarter last year, the business posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts forecast that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared 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 was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.24%. Cummins’s payout ratio is 25.84%.

Institutional Investors Weigh In On Cummins

Several institutional investors have recently bought and sold shares of CMI. Global Trust Asset Management LLC lifted its holdings 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 in the last quarter. KG&L Capital Management LLC raised its position in Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after purchasing an additional 28 shares during the period. Signaturefd LLC lifted its stake in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares in the last quarter. Fiduciary Trust Co boosted its position in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after buying an additional 28 shares during the period. Finally, Massachusetts Wealth Management boosted its position in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after buying an additional 30 shares during the period. 83.46% of the stock is currently 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.