UBS Group set a $130.00 target price on Cummins (NYSE:CMI) in a research report released on Tuesday, www.stocktargetadvisor.com reports. The firm currently has a sell rating on the stock.
Other analysts also recently issued reports about the company. Stifel Nicolaus lifted their price objective on Cummins from $160.00 to $172.00 and gave the company a buy rating in a report on Wednesday, August 1st. Piper Jaffray Companies upgraded Cummins from a neutral rating to an overweight rating and lifted their price objective for the company from $143.00 to $188.00 in a report on Thursday, October 4th. Zacks Investment Research downgraded Cummins from a buy rating to a hold rating in a report on Monday, August 27th. Oppenheimer decreased their price objective on Cummins from $168.00 to $192.00 and set an outperform rating for the company in a report on Monday, July 23rd. Finally, JPMorgan Chase & Co. upgraded Cummins from an underweight rating to a neutral rating and lifted their price objective for the company from $137.00 to $147.00 in a report on Wednesday, October 31st. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company’s stock. Cummins has an average rating of Hold and a consensus price target of $163.30.
Shares of CMI stock traded down $1.26 on Tuesday, hitting $143.85. The stock had a trading volume of 10,269 shares, compared to its average volume of 1,942,775. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. The company has a market capitalization of $22.77 billion, a P/E ratio of 13.52, a PEG ratio of 0.77 and a beta of 1.16. Cummins has a one year low of $124.72 and a one year high of $194.18.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be issued a $1.14 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.17%. Cummins’s dividend payout ratio is presently 42.94%.
Cummins declared that its Board of Directors has approved a share buyback program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, VP Mark Andrew Smith sold 501 shares of the business’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the sale, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tony Satterthwaite sold 830 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $141.61, for a total value of $117,536.30. Following the sale, the insider now owns 40,371 shares in the company, valued at approximately $5,716,937.31. The disclosure for this sale can be found here. Insiders sold 26,495 shares of company stock valued at $3,974,777 over the last quarter. 0.67% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Acropolis Investment Management LLC boosted its position in Cummins by 6.9% in the third quarter. Acropolis Investment Management LLC now owns 5,302 shares of the company’s stock valued at $774,000 after buying an additional 340 shares during the last quarter. Security National Bank of SO Dak boosted its position in Cummins by 7.2% in the second quarter. Security National Bank of SO Dak now owns 5,372 shares of the company’s stock valued at $714,000 after buying an additional 360 shares during the last quarter. BRYN MAWR TRUST Co boosted its position in Cummins by 4.1% in the second quarter. BRYN MAWR TRUST Co now owns 9,410 shares of the company’s stock valued at $1,252,000 after buying an additional 369 shares during the last quarter. Commerce Bank boosted its position in Cummins by 2.4% in the third quarter. Commerce Bank now owns 16,408 shares of the company’s stock valued at $2,397,000 after buying an additional 385 shares during the last quarter. Finally, Essex Financial Services Inc. boosted its position in Cummins by 10.0% in the second quarter. Essex Financial Services Inc. now owns 4,332 shares of the company’s stock valued at $576,000 after buying an additional 395 shares during the last quarter. Institutional investors and hedge funds own 79.79% of the company’s stock.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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