Cummins (NYSE:CMI) Given New $407.00 Price Target at Robert W. Baird

Cummins (NYSE:CMI) had its price target raised by Robert W. Baird from $395.00 to $407.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $383.08.

Cummins Trading Up 1.8 %

Shares of CMI opened at $370.03 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins has a 52-week low of $236.00 and a 52-week high of $387.90. The firm has a market cap of $50.76 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 1.64 and a beta of 1.00. The business’s fifty day moving average is $361.94 and its 200-day moving average is $334.73.

Cummins (NYSE:CMI) last released its earnings results 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 return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the business posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities analysts anticipate that Cummins will post 20.62 EPS for the current fiscal year.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 6,490 shares of company stock valued at $2,357,880 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several large investors have recently made changes to their positions in the business. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc bought a new stake in Cummins in the 4th quarter valued at about $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at approximately $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins during the 3rd quarter valued at $34,000. 83.46% of the stock is 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.