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

Cummins (NYSE:CMI) had its target price increased by equities researchers at Barclays from $310.00 to $381.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 4.68% from the company’s previous close.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $380.17.

Cummins Stock Up 4.5 %

Shares of Cummins stock opened at $363.97 on Wednesday. Cummins has a one year low of $236.00 and a one year high of $387.90. The company has a market cap of $49.93 billion, a P/E ratio of 24.04, a PEG ratio of 1.64 and a beta of 1.00. 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 fifty day moving average of $361.94 and a two-hundred day moving average of $334.73.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts forecast that Cummins will post 20.62 earnings per share for the current year.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was 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 approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 6,490 shares of company stock valued at $2,357,880 in the last ninety days. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the fourth quarter worth approximately $27,000. Prospera Private Wealth LLC acquired a new position in Cummins during the third quarter worth approximately $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the third quarter worth approximately $34,000. Hedge funds and other 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.