Truist Financial Increases Cummins (NYSE:CMI) Price Target to $319.00

Cummins (NYSE:CMI) had its target price hoisted by investment analysts at Truist Financial from $303.00 to $319.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 13.63% from the company’s current price.

Several other brokerages also recently commented on CMI. Evercore ISI boosted their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Morgan Stanley started coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective on the stock. Robert W. Baird decreased their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, TD Cowen increased their target price on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $282.55.

Cummins Stock Performance

NYSE CMI opened at $280.74 on Friday. The stock has a market cap of $38.39 billion, a P/E ratio of 20.55, a PEG ratio of 1.90 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins has a twelve month low of $203.18 and a twelve month high of $304.24. The company’s 50-day simple moving average is $285.39 and its 200 day simple moving average is $252.55.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.52 earnings per share. As a group, research analysts forecast that Cummins will post 18.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,289 shares of company stock worth $13,576,838. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank bought a new position in Cummins in the fourth quarter valued at approximately $298,867,000. International Assets Investment Management LLC boosted its holdings in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. bought a new stake in shares of Cummins during the third quarter worth $71,268,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after acquiring an additional 274,927 shares during the period. 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.