Cummins (NYSE:CMI) Stock Price Expected to Rise, Truist Financial Analyst Says

Cummins (NYSE:CMI) had its price objective upped by stock analysts at Truist Financial from $434.00 to $522.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 10.10% from the company’s previous close.

Several other brokerages also recently issued reports on CMI. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. increased their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $428.93.

Cummins Stock Up 2.4%

CMI opened at $474.10 on Friday. The firm has a market cap of $65.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.05 and a beta of 1.07. The business’s fifty day simple moving average is $420.80 and its 200 day simple moving average is $369.17. Cummins has a 52 week low of $260.02 and a 52 week high of $482.53. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the company posted $5.86 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins will post 22.54 EPS for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 37,949 shares of company stock valued at $15,674,705. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several large investors have recently made changes to their positions in CMI. Motley Fool Asset Management LLC boosted its position in shares of Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares in the last quarter. Applied Finance Capital Management LLC lifted its stake in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after purchasing an additional 7,656 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Cummins during the first quarter worth approximately $2,749,000. Invesco Ltd. grew its position in Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares during the last quarter. Finally, Jump Financial LLC increased its holdings in shares of Cummins by 101.9% in the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock valued at $1,831,000 after buying an additional 2,949 shares in the last quarter. Institutional investors and hedge funds 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.