Cummins (NYSE:CMI) Given New $315.00 Price Target at Truist Financial

Cummins (NYSE:CMI) had its target price cut by Truist Financial from $319.00 to $315.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential upside of 15.69% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. TD Cowen lifted their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $287.18.

Cummins Trading Down 1.7 %

Shares of CMI opened at $272.29 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. Cummins has a 12 month low of $212.80 and a 12 month high of $304.24. The stock has a market cap of $37.24 billion, a PE ratio of 19.93, a P/E/G ratio of 1.73 and a beta of 0.99. The stock’s 50-day moving average is $282.30 and its two-hundred day moving average is $269.13.

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

Insider Activity

In related news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marvin Boakye bought 1,745 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC lifted its holdings in Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC bought a new position in shares of Cummins in the third quarter valued at approximately $9,048,000. Beacon Financial Group increased its stake in shares of Cummins by 7.0% during the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after acquiring an additional 126 shares during the period. KBC Group NV increased its stake in shares of Cummins by 283.2% during the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after acquiring an additional 57,341 shares during the period. Finally, Capital Advisors Inc. OK bought a new stake in Cummins during the fourth quarter worth approximately $24,915,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.