Credit Suisse Group Cuts Cummins (NYSE:CMI) Price Target to $288.00

Posted by Defense World Staff on Aug 8th, 2023

Cummins (NYSE:CMI – Free Report) had its target price trimmed by Credit Suisse Group from $290.00 to $288.00 in a research note released on Friday, MarketBeat reports. The brokerage currently has an outperform rating on the stock.

CMI has been the subject of several other reports. 888 reissued a maintains rating on shares of Cummins in a report on Wednesday, May 31st. StockNews.com assumed coverage on Cummins in a report on Thursday, May 18th. They issued a buy rating for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Cummins from $231.00 to $227.00 and set a hold rating for the company in a report on Wednesday, April 12th. VNET Group reissued a maintains rating on shares of Cummins in a report on Wednesday, May 3rd. Finally, Citigroup upped their price target on Cummins from $265.00 to $290.00 and gave the stock a buy rating in a research note on Tuesday, July 18th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of Hold and an average target price of $266.17.

View Our Latest Analysis on CMI

Cummins Stock Performance

Shares of CMI opened at $237.29 on Friday. The stock has a 50 day moving average price of $241.26 and a 200 day moving average price of $237.71. The company has a quick ratio of 0.85, a current ratio of 1.40 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $33.59 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 1.30 and a beta of 1.05. Cummins has a 52-week low of $200.40 and a 52-week high of $265.28.

Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 earnings per share for the quarter, missing the consensus estimate of $5.19 by ($0.01). The firm had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.39 billion. Cummins had a net margin of 7.89% and a return on equity of 25.46%. Cummins’s revenue was up 30.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.77 earnings per share. Research analysts predict that Cummins will post 19.97 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 25th will be given a $1.68 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.57. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $6.72 annualized dividend and a yield of 2.83%. Cummins’s dividend payout ratio is presently 35.18%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC raised its position in Cummins by 39.2% in the fourth quarter. Capital Advisors Ltd. LLC now owns 142 shares of the company’s stock worth $25,000 after acquiring an additional 40 shares in the last quarter. Lion Street Advisors LLC raised its position in Cummins by 3.5% in the second quarter. Lion Street Advisors LLC now owns 1,291 shares of the company’s stock worth $310,000 after acquiring an additional 44 shares in the last quarter. Jag Capital Management LLC raised its position in Cummins by 0.5% in the fourth quarter. Jag Capital Management LLC now owns 9,255 shares of the company’s stock worth $2,242,000 after acquiring an additional 45 shares in the last quarter. Waldron Private Wealth LLC raised its position in Cummins by 4.7% in the first quarter. Waldron Private Wealth LLC now owns 1,047 shares of the company’s stock worth $250,000 after acquiring an additional 47 shares in the last quarter. Finally, Kentucky Retirement Systems increased its position in shares of Cummins by 0.4% in the fourth quarter. Kentucky Retirement Systems now owns 11,085 shares of the company’s stock valued at $2,686,000 after buying an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 82.72% of the company’s stock.

About Cummins

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.