Truist Financial Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI) had its price target lifted by Truist Financial from $369.00 to $424.00 in a research report sent to investors on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other equities research analysts have also weighed in on CMI. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup lifted their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $356.92.

Cummins Stock Down 0.3 %

Shares of NYSE:CMI opened at $349.70 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins has a 12-month low of $226.52 and a 12-month high of $387.90. The stock’s 50-day moving average price is $355.22 and its 200-day moving average price is $315.61. The stock has a market capitalization of $47.97 billion, a P/E ratio of 23.10, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 earnings per share. On average, equities analysts anticipate that Cummins will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. State Street Corp increased its holdings in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP grew its position in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

About Cummins

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.