Truist Financial Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI) had its price objective increased by stock analysts at Truist Financial from $628.00 to $653.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 28.76% from the stock’s current price.

Several other equities research analysts have also recently weighed in on CMI. Citigroup increased their price target on Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Wells Fargo & Company assumed coverage on Cummins in a report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $486.60.

Cummins Stock Up 1.3%

CMI stock opened at $507.14 on Thursday. The firm has a 50-day moving average price of $467.22 and a 200-day moving average price of $406.30. Cummins has a 12 month low of $260.02 and a 12 month high of $526.50. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $70.01 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the previous year, the company posted $5.86 EPS. Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins will post 22.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 27,330 shares of company stock valued at $12,649,764. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CMI. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Algert Global LLC bought a new position in Cummins during the 1st quarter valued at $323,000. Aptus Capital Advisors LLC lifted its stake in Cummins by 63.6% during the 1st quarter. Aptus Capital Advisors LLC now owns 8,295 shares of the company’s stock valued at $2,600,000 after acquiring an additional 3,224 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Cummins by 16.0% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 6,769 shares of the company’s stock worth $2,122,000 after acquiring an additional 935 shares during the last quarter. Finally, Legacy Financial Advisors Inc. grew its stake in shares of Cummins by 7.8% in the 1st quarter. Legacy Financial Advisors Inc. now owns 676 shares of the company’s stock worth $212,000 after acquiring an additional 49 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.