Cummins (NYSE:CMI) Sets New 1-Year High on Analyst Upgrade

Cummins Inc. (NYSE:CMI) hit a new 52-week high on Monday after JPMorgan Chase & Co. raised their price target on the stock from $285.00 to $340.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Cummins traded as high as $338.01 and last traded at $337.96, with a volume of 96433 shares changing hands. The stock had previously closed at $336.07.

A number of other equities analysts have also commented on CMI. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Raymond James began coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Evercore ISI increased their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. 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 stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $311.55.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction 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 approximately $6,269,205.55. The trade was 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 owned by insiders.

Institutional Investors Weigh In On Cummins

Hedge funds have recently modified their holdings of the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins during the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins during the second quarter worth approximately $29,000. LRI Investments LLC purchased a new position in shares of Cummins during the first quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter valued at approximately $34,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.7 %

The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $309.45 and its 200-day moving average price is $293.75. The stock has a market capitalization of $46.29 billion, a P/E ratio of 24.78, a P/E/G ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating 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 was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $5.18 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

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.