Cummins (NYSE:CMI) PT Raised to $375.00 at Citigroup

Cummins (NYSE:CMI) had its price target lifted by analysts at Citigroup from $345.00 to $375.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 12.67% from the stock’s previous close.

Several other research firms also recently weighed in on CMI. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI upped their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Raymond James assumed coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Robert W. Baird upped their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $306.55.

Cummins Stock Down 0.1 %

Shares of NYSE CMI opened at $332.83 on Wednesday. The firm has a market cap of $45.52 billion, a PE ratio of 24.37, a P/E/G ratio of 1.81 and a beta of 0.98. Cummins has a 12-month low of $212.80 and a 12-month high of $334.99. The company’s fifty 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 issued 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 business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.18 earnings per share. As a group, sell-side analysts forecast that Cummins will post 19.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This 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 corporate insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter valued at approximately $29,000. LRI Investments LLC bought a new position in shares of Cummins in the first quarter valued at approximately $31,000. Finally, Quarry LP boosted its position in shares of Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after acquiring an additional 106 shares during the period. Institutional investors own 83.46% of the company’s stock.

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.