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

Cummins (NYSE:CMI) had its price objective increased by research analysts at Truist Financial from $349.00 to $371.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target points to a potential upside of 11.47% from the company’s current price.

CMI has been the subject of a number of other research reports. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Barclays lifted their price target 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. Finally, Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $306.55.

Cummins Trading Down 0.1 %

Shares of Cummins stock opened at $332.83 on Wednesday. The firm has a market cap of $45.52 billion, a price-to-earnings ratio of 24.37, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. Cummins has a 52-week low of $212.80 and a 52-week high of $334.99. The company’s 50-day simple moving average is $306.88 and its 200-day simple moving average is $292.82. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.18 EPS. As a group, equities research analysts anticipate that Cummins will post 19.77 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’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 transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cummins

Several large investors have recently added to or reduced their stakes in CMI. Douglas Lane & Associates LLC purchased a new position in shares of Cummins during the 3rd quarter worth about $201,000. CHICAGO TRUST Co NA increased its position in Cummins by 2.0% during the third quarter. CHICAGO TRUST Co NA now owns 6,509 shares of the company’s stock worth $2,108,000 after purchasing an additional 126 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Cummins by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock worth $132,000 after purchasing an additional 227 shares during the period. Carnegie Investment Counsel boosted its holdings in shares of Cummins by 6.1% in the 3rd quarter. Carnegie Investment Counsel now owns 21,762 shares of the company’s stock valued at $7,046,000 after purchasing an additional 1,257 shares during the last quarter. Finally, Cardinal Capital Management Inc. grew its stake in shares of Cummins by 0.8% during the 3rd quarter. Cardinal Capital Management Inc. now owns 112,297 shares of the company’s stock valued at $36,361,000 after buying an additional 853 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.