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

Cummins (NYSE:CMI) had its target price increased by research analysts at Truist Financial from $424.00 to $425.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential upside of 16.13% from the company’s previous close.

CMI has been the subject of several other research reports. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a report on Tuesday. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $374.25.

Cummins Price Performance

CMI opened at $365.98 on Thursday. Cummins has a twelve month low of $226.52 and a twelve month high of $387.90. The firm has a market cap of $50.21 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a fifty day simple moving average of $363.14 and a 200 day simple moving average of $326.73.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company earned $4.73 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts expect that Cummins will post 20.75 EPS for the current fiscal year.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in shares of Cummins by 43.5% in the second quarter. Federated Hermes Inc. now owns 14,463 shares of the company’s stock worth $4,005,000 after buying an additional 4,384 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Cummins by 34.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,956 shares of the company’s stock worth $819,000 after acquiring an additional 758 shares in the last quarter. Moors & Cabot Inc. boosted its position in Cummins by 1.3% during the 2nd quarter. Moors & Cabot Inc. now owns 4,010 shares of the company’s stock worth $1,110,000 after acquiring an additional 53 shares during the period. Argent Trust Co grew its stake in Cummins by 6.1% during the 2nd quarter. Argent Trust Co now owns 10,799 shares of the company’s stock valued at $2,991,000 after acquiring an additional 621 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Cummins by 10.2% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,947 shares of the company’s stock valued at $1,370,000 after purchasing an additional 457 shares during the period. Institutional investors and hedge funds 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.