Cummins (NYSE:CMI) Price Target Raised to $424.00

Cummins (NYSE:CMI) had its price target upped by Truist Financial from $369.00 to $424.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential upside of 20.67% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Citigroup raised their price objective on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $356.92.

Cummins Trading Up 0.5 %

Shares of Cummins stock opened at $351.38 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock’s 50 day simple moving average is $355.53 and its 200-day simple moving average is $316.14. The stock has a market cap of $48.20 billion, a P/E ratio of 23.21, a P/E/G ratio of 1.80 and a beta of 0.99. Cummins has a 1-year low of $226.52 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the business earned $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. Analysts predict that Cummins will post 20.75 EPS for the current fiscal year.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cummins

Several large investors have recently bought and sold shares of CMI. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Cummins in the third quarter valued at approximately $55,000. New Millennium Group LLC acquired a new stake in Cummins during the second quarter worth approximately $48,000. Finally, nVerses Capital LLC purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $55,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.