Truist Financial Raises Cummins (NYSE:CMI) Price Target to $371.00

Cummins (NYSE:CMI) had its price target upped by equities research analysts at Truist Financial from $349.00 to $371.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 11.21% from the stock’s current price.

A number of other equities analysts also recently commented on CMI. Evercore ISI lifted their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. 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. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. raised their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $301.55.

Cummins Trading Up 1.2 %

CMI stock traded up $4.00 during midday trading on Wednesday, hitting $333.61. The stock had a trading volume of 67,063 shares, compared to its average volume of 1,596,051. The firm has a market cap of $45.63 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company’s 50-day moving average price is $306.06 and its 200 day moving average price is $292.54. Cummins has a 12-month low of $212.80 and a 12-month high of $333.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last released its quarterly earnings data 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 company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.18 earnings per share. On average, equities research analysts predict that Cummins will post 19.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 4,780 shares of the firm’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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on 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 transaction, the vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the 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 completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade 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 corporate insiders.

Institutional Trading of Cummins

A number of institutional investors have recently made changes to their positions in CMI. Price T Rowe Associates Inc. MD grew its stake in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after purchasing an additional 103,018 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after purchasing an additional 26,977 shares during the period. Legal & General Group Plc lifted its stake in Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the last quarter. Finally, Marshfield Associates grew its holdings in Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after purchasing an additional 3,076 shares during the period. 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.