Robert W. Baird Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI) had its price objective lifted by equities researchers at Robert W. Baird from $395.00 to $407.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s target price points to a potential upside of 10.23% from the stock’s previous close.

A number of other research analysts also recently commented on CMI. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $383.08.

Cummins Trading Down 0.2 %

Cummins stock opened at $369.22 on Wednesday. The firm has a 50 day moving average of $361.92 and a 200 day moving average of $334.98. The firm has a market capitalization of $50.65 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 1.64 and a beta of 1.00. Cummins has a 12-month low of $247.23 and a 12-month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $8.06 billion. During the same period last year, the firm posted $4.14 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, research analysts predict that Cummins will post 20.62 earnings per share for the current year.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 6,328 shares of company stock worth $2,300,040. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently made changes to their positions in the company. Global Trust Asset Management LLC grew its stake in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new position in Cummins in the fourth quarter valued at about $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of Cummins during the fourth quarter worth about $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth about $32,000. Hedge funds and other 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.