Cummins (NYSE:CMI) Price Target Raised to $340.00

Cummins (NYSE:CMI) had its target price upped by JPMorgan Chase & Co. from $285.00 to $340.00 in a report published on Friday, Benzinga reports. They currently have an underweight rating on the stock.

Several other research firms also recently weighed in on CMI. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Truist Financial boosted their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a hold rating in a research report on Wednesday, October 9th. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They issued a market perform rating for the company. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an in-line rating in a research report on Monday, August 19th. Finally, Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $311.55.

Cummins Stock Performance

Cummins stock opened at $336.07 on Friday. Cummins has a 12-month low of $212.80 and a 12-month high of $337.60. The company has a market capitalization of $45.97 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm’s fifty day moving average price is $308.33 and its 200 day moving average price is $293.44.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the firm posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, research analysts forecast that Cummins will post 19.77 EPS for the current fiscal year.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Large investors have recently made changes to their positions in the company. Beacon Financial Group raised its holdings 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. Distillate Capital Partners LLC increased its stake in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares during the period. Manning & Napier Advisors LLC acquired a new position in Cummins in the 2nd quarter valued at approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after buying an additional 21,850 shares during the period. Finally, Duality Advisers LP increased its stake in Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after buying an additional 12,087 shares during the period. 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.