Cummins (NYSE:CMI) had its price target increased by Morgan Stanley from $152.00 to $192.00 in a report published on Wednesday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Barclays increased their price objective on Cummins from $175.00 to $192.00 and gave the stock an equal weight rating in a report on Wednesday. Wells Fargo & Co raised their price target on Cummins from $190.00 to $205.00 and gave the company an overweight rating in a report on Monday, July 20th. Piper Sandler downgraded Cummins from an overweight rating to a neutral rating and reduced their price target for the company from $195.00 to $162.00 in a report on Tuesday, May 12th. Citigroup raised their price target on Cummins from $182.00 to $192.00 and gave the company a buy rating in a report on Thursday, June 18th. Finally, Loop Capital raised their price target on Cummins from $130.00 to $160.00 and gave the company a sell rating in a report on Wednesday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $185.71.

CMI opened at $193.26 on Wednesday. The stock has a fifty day simple moving average of $176.98 and a two-hundred day simple moving average of $160.75. 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 company has a market cap of $28.51 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 3.39 and a beta of 1.14. Cummins has a 12-month low of $101.03 and a 12-month high of $204.98.

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

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

A number of large investors have recently made changes to their positions in the business. FDx Advisors Inc. bought a new stake in Cummins in the 1st quarter worth approximately $27,000. Ballast Advisors LLC bought a new stake in Cummins in the 1st quarter worth approximately $28,000. Capital Square LLC bought a new stake in Cummins in the 1st quarter worth approximately $30,000. Creative Financial Designs Inc. ADV bought a new stake in Cummins in the 1st quarter worth approximately $32,000. Finally, Sonora Investment Management LLC increased its position in shares of Cummins by 87.4% during the 1st quarter. Sonora Investment Management LLC now owns 238 shares of the company’s stock valued at $32,000 after purchasing an additional 111 shares during the last quarter. 80.86% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Cummins (NYSE:CMI)

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