Truist Financial Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price upped by equities research analysts at Truist Financial from $424.00 to $425.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 17.73% from the company’s current price.

CMI has been the topic of several other research reports. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $354.00 to $358.00 in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $374.25.

Cummins Stock Performance

CMI stock opened at $361.00 on Thursday. Cummins has a one year low of $226.52 and a one year high of $387.90. The firm has a market cap of $49.52 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 1.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a 50-day simple moving average of $362.81 and a two-hundred day simple moving average of $326.21.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the business posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts forecast that Cummins will post 20.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last ninety days. 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 modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in Cummins during the 3rd quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Cummins during the third quarter worth approximately $34,000. Friedenthal Financial acquired a new position in Cummins in the fourth quarter valued at approximately $55,000. Ashton Thomas Securities LLC purchased a new position in Cummins in the third quarter valued at approximately $55,000. Finally, Bangor Savings Bank raised its holdings in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds 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.