Cummins (NYSE:CMI) Given New $375.00 Price Target at Citigroup

Cummins (NYSE:CMI) had its price objective upped by stock analysts at Citigroup from $345.00 to $375.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 12.60% from the stock’s previous close.

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

Cummins Stock Up 1.0 %

Shares of CMI traded up $3.44 on Wednesday, reaching $333.05. The stock had a trading volume of 405,580 shares, 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. Cummins has a 12-month low of $212.80 and a 12-month high of $334.99. The firm has a market capitalization of $45.55 billion, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company has a 50-day simple moving average of $306.06 and a 200-day simple moving average of $292.54.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $5.18 earnings per share. Sell-side analysts predict that Cummins will post 19.77 EPS for the current year.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. Fisher Asset Management LLC lifted its holdings in Cummins by 4.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after purchasing an additional 103,018 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after purchasing an additional 26,977 shares during the period. Legal & General Group Plc increased its stake in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares in the last quarter. Finally, Marshfield Associates lifted its stake in shares of Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after buying an additional 3,076 shares in the last quarter. Hedge funds and other institutional investors 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.