Cummins (NYSE:CMI) had its target price hoisted by Credit Suisse Group from $203.00 to $244.00 in a research note released on Wednesday morning, The Fly reports. Credit Suisse Group currently has an outperform rating on the stock.

Several other equities analysts have also commented on the company. Wells Fargo & Co increased their price objective on Cummins from $190.00 to $205.00 and gave the company an overweight rating in a research report on Monday, July 20th. Morgan Stanley increased their price objective on Cummins from $152.00 to $192.00 and gave the company an equal weight rating in a research report on Wednesday. Royal Bank of Canada increased their price objective on Cummins from $165.00 to $210.00 and gave the company a sector perform rating in a research report on Wednesday. BMO Capital Markets raised their price target on Cummins from $130.00 to $150.00 and gave the stock a market perform rating in a research report on Thursday, April 30th. Finally, Oppenheimer started coverage on Cummins in a research report on Tuesday, July 28th. They set a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $185.71.

Shares of Cummins stock opened at $193.26 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $28.51 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.39 and a beta of 1.14. The business’s 50-day moving average price is $176.98 and its 200-day moving average price is $160.75. Cummins has a 12 month low of $101.03 and a 12 month high of $204.98.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $0.93 by $0.93. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The company’s revenue was down 38.1% on a year-over-year basis. During the same period in the prior year, the company earned $4.27 EPS. As a group, analysts predict that Cummins will post 8.78 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $1.311 dividend. This represents a $5.24 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Thursday, August 20th. Cummins’s dividend payout ratio is currently 34.82%.

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in Cummins during the fourth quarter valued at about $3,955,000. Equitable Holdings Inc. bought a new stake in Cummins during the fourth quarter valued at about $245,000. Sunbelt Securities Inc. grew its holdings in Cummins by 108.9% during the fourth quarter. Sunbelt Securities Inc. now owns 4,079 shares of the company’s stock valued at $514,000 after purchasing an additional 2,126 shares during the period. Pearl River Capital LLC grew its holdings in Cummins by 84.3% during the fourth quarter. Pearl River Capital LLC now owns 2,057 shares of the company’s stock valued at $368,000 after purchasing an additional 941 shares during the period. Finally, Verus Capital Partners LLC bought a new stake in Cummins during the fourth quarter valued at about $172,000. Hedge funds and other institutional investors own 80.86% of the company’s stock.

About Cummins

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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