Cummins (NYSE:CMI) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Cummins (NYSE:CMI) had its price objective increased by equities researchers at Robert W. Baird from $330.00 to $372.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 4.95% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Evercore ISI upped their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $316.73.

Cummins Stock Up 8.9 %

Shares of CMI opened at $354.45 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market cap of $48.58 billion, a P/E ratio of 25.56, a PEG ratio of 1.88 and a beta of 0.97. The stock’s 50 day moving average is $320.21 and its two-hundred day moving average is $297.86. Cummins has a 12 month low of $214.57 and a 12 month high of $356.68.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Large investors have recently modified their holdings of the company. Main Street Financial Solutions LLC boosted its position in shares of Cummins by 38.0% during the 3rd quarter. Main Street Financial Solutions LLC now owns 1,879 shares of the company’s stock worth $608,000 after acquiring an additional 517 shares in the last quarter. Haverford Trust Co boosted its holdings in Cummins by 6.2% in the third quarter. Haverford Trust Co now owns 1,740 shares of the company’s stock valued at $563,000 after purchasing an additional 102 shares in the last quarter. Victory Capital Management Inc. increased its stake in Cummins by 25.4% in the third quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock valued at $70,486,000 after purchasing an additional 44,027 shares during the last quarter. Delta Financial Advisors LLC raised its holdings in Cummins by 8.9% during the third quarter. Delta Financial Advisors LLC now owns 6,425 shares of the company’s stock worth $2,080,000 after purchasing an additional 526 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Cummins during the third quarter worth approximately $55,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.