Cummins (NYSE:CMI) Price Target Lowered to $315.00 at Robert W. Baird

Cummins (NYSE:CMI) had its price target lowered by Robert W. Baird from $407.00 to $315.00 in a report released on Tuesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the company. Citigroup reduced their price objective on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and cut their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus price target of $346.50.

Cummins Price Performance

Shares of NYSE:CMI opened at $286.83 on Tuesday. The business has a 50-day simple moving average of $332.32 and a two-hundred day simple moving average of $346.31. 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 $39.51 billion, a price-to-earnings ratio of 10.18, 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 earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $4.14 earnings per share. On average, analysts expect that Cummins will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Hedge Funds Weigh In On Cummins

Institutional investors have recently bought and sold shares of the stock. Global Trust Asset Management LLC boosted 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 purchasing an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins during the 4th quarter valued at approximately $27,000. Meeder Asset Management Inc. increased its stake in 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 acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter worth approximately $28,000. 83.46% of the stock is 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.