The Goldman Sachs Group Increases Cummins (NYSE:CMI) Price Target to $306.00

Cummins (NYSE:CMI) had its target price lifted by research analysts at The Goldman Sachs Group from $270.00 to $306.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 5.02% from the company’s current price.

CMI has been the subject of several other reports. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, Citigroup raised their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Stock Down 1.1 %

CMI opened at $291.36 on Tuesday. The company has a 50 day moving average of $278.71 and a 200 day moving average of $247.63. The company has a market cap of $39.85 billion, a PE ratio of 56.25, a price-to-earnings-growth ratio of 2.02 and a beta of 1.04. Cummins has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period last year, the business posted $4.52 earnings per share. On average, sell-side analysts expect that Cummins will post 18.29 EPS for the current year.

Insiders Place Their Bets

In related news, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of large investors have recently modified their holdings of the stock. First United Bank & Trust purchased a new position in Cummins during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC purchased a new position in Cummins during the 4th quarter valued at about $26,000. OFI Invest Asset Management purchased a new position in Cummins during the 3rd quarter valued at about $25,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the 3rd quarter valued at about $28,000. Finally, Tyler Stone Wealth Management purchased a new position in Cummins during the 2nd quarter valued at about $30,000. Institutional investors 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.