Cummins (NYSE:CMI) Given New $370.00 Price Target at The Goldman Sachs Group

Cummins (NYSE:CMI) had its price objective upped by The Goldman Sachs Group from $324.00 to $370.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on the stock. Evercore ISI increased their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $324.83.

Cummins Stock Performance

Cummins stock traded up $1.06 during trading hours on Wednesday, reaching $357.07. 140,256 shares of the stock were exchanged, compared to its average volume of 1,502,094. The stock has a market cap of $48.94 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.86 and a beta of 0.97. The firm’s 50 day moving average is $321.21 and its 200 day moving average is $298.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins has a 52-week low of $214.57 and a 52-week high of $370.21.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. Analysts predict that Cummins will post 19.96 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 52.49%.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cummins

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in Cummins during the 2nd quarter worth $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter worth about $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.