Cummins (NYSE:CMI) Earns Market Perform Rating from Analysts at Raymond James

Raymond James started coverage on shares of Cummins (NYSE:CMI) in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued a market perform rating on the stock.

A number of other brokerages have also issued reports on CMI. StockNews.com raised shares of Cummins from a hold rating to a buy rating in a report on Wednesday, May 8th. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a neutral rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group raised their target price on Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. upped their price target on Cummins from $245.00 to $275.00 and gave the company an underweight rating in a research note on Monday, March 25th. Finally, TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the stock a buy rating in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $287.55.

Cummins Stock Down 1.3 %

Shares of NYSE CMI opened at $276.93 on Friday. The stock has a market cap of $37.88 billion, a PE ratio of 20.27, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins has a 12-month low of $212.80 and a 12-month high of $304.24. The company has a 50-day moving average of $282.30 and a 200 day moving average of $269.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. As a group, sell-side analysts predict that Cummins will post 18.84 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.43%. The ex-dividend date was Thursday, May 23rd. Cummins’s payout ratio is currently 49.19%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. First United Bank & Trust acquired a new stake in shares of Cummins during the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins during the fourth quarter worth approximately $26,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins in the 3rd quarter valued at $28,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of Cummins in the 4th quarter valued at $31,000. Finally, LRI Investments LLC acquired a new stake in Cummins during the 1st quarter worth $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.