Cummins (NYSE:CMI) Price Target Raised to $425.00 at Truist Financial

Cummins (NYSE:CMI) had its target price lifted by Truist Financial from $424.00 to $425.00 in a research note released on Thursday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms have also recently weighed in on CMI. Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $374.25.

Cummins Price Performance

Cummins stock opened at $366.55 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $50.28 billion, a P/E ratio of 24.21, a PEG ratio of 1.61 and a beta of 1.01. The firm has a fifty day moving average of $362.91 and a 200-day moving average of $326.45. Cummins has a 52-week low of $226.52 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.73 EPS. As a group, analysts predict that Cummins will post 20.75 EPS for the current year.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred 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 owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Cummins

Large investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC raised its stake in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the period. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the period. Legal & General Group Plc grew its holdings in shares of Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the last quarter. Finally, FMR LLC raised its position in shares of Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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.