Cummins (NYSE:CMI) Stock Price Expected to Rise, Barclays Analyst Says

Cummins (NYSE:CMI) had its price objective lifted by stock analysts at Barclays from $310.00 to $381.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 3.19% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $383.08.

Cummins Price Performance

Shares of NYSE CMI opened at $369.22 on Wednesday. Cummins has a twelve month low of $247.23 and a twelve month high of $387.90. The firm has a fifty day simple moving average of $361.92 and a 200 day simple moving average of $334.98. The company has a market capitalization of $50.65 billion, a PE ratio of 24.39, a P/E/G ratio of 1.64 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the firm earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Cummins will post 20.62 EPS for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 6,328 shares of company stock worth $2,300,040 over the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Cummins

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its position in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC raised its position in shares of Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. Pathway Financial Advisers LLC raised its position in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. FMR LLC raised its position in shares of Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 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.