Cummins (NYSE:CMI) Price Target Raised to $375.00 at Citigroup

Cummins (NYSE:CMI) had its price objective upped by equities research analysts at Citigroup from $345.00 to $375.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 12.60% from the company’s current price.

A number of other research firms also recently issued reports on CMI. Robert W. Baird upped their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $306.55.

Cummins Price Performance

CMI traded up $3.44 during trading on Wednesday, reaching $333.05. 405,580 shares of the company traded hands, compared to its average volume of 1,597,786. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a fifty day simple moving average of $306.06 and a 200 day simple moving average of $292.54. Cummins has a 12-month low of $212.80 and a 12-month high of $334.99. The company has a market cap of $45.55 billion, a P/E ratio of 24.38, a PEG ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its 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. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.18 earnings per share. On average, equities analysts forecast that Cummins will post 19.77 EPS for the current year.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction, the senior vice president now owns 77,442 shares in the company, 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. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently made changes to their positions in CMI. Beacon Financial Group raised its holdings in Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after purchasing an additional 126 shares in the last quarter. Distillate Capital Partners LLC raised its stake in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Cummins during the second quarter valued at approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after purchasing an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP increased its position in shares of Cummins by 190.3% during the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after purchasing an additional 12,087 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.