Cummins (NYSE:CMI) Earns Buy Rating from Analysts at Citigroup

Analysts at Citigroup began coverage on shares of Cummins (NYSE:CMI) in a research report issued on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $320.00 price target on the stock. Citigroup’s price objective indicates a potential upside of 13.03% from the stock’s previous close.

CMI has been the subject of several other research reports. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Robert W. Baird dropped their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, Truist Financial reissued a “hold” rating and set a $319.00 price target on shares of Cummins in a report on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $287.55.

Cummins Stock Down 0.3 %

Cummins stock opened at $283.12 on Wednesday. The company has a market capitalization of $38.73 billion, a P/E ratio of 20.73, a PEG ratio of 1.77 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a fifty-two week low of $212.80 and a fifty-two week high of $304.24. The stock has a 50-day simple moving average of $282.93 and a 200-day simple moving average of $268.21.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Equities research analysts expect that Cummins will post 18.84 earnings per share for the current year.

Insider Buying and Selling at Cummins

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently modified their holdings of CMI. First United Bank & Trust purchased a new position in shares of Cummins during the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new stake in shares of Cummins in the fourth quarter valued at $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at $28,000. DiNuzzo Private Wealth Inc. purchased a new position in Cummins during the fourth quarter worth about $31,000. Finally, LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.