Cummins (NYSE:CMI) Price Target Raised to $435.00 at Citigroup

Cummins (NYSE:CMI) had its price objective boosted by research analysts at Citigroup from $415.00 to $435.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 12.88% from the company’s current price.

Several other brokerages have also recently weighed in on CMI. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $355.00 to $420.00 in a research note on Monday. The Goldman Sachs Group lifted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $352.85.

Cummins Trading Up 1.5 %

Shares of NYSE:CMI traded up $5.76 during midday trading on Monday, hitting $385.36. 510,145 shares of the stock traded hands, compared to its average volume of 1,420,782. The stock has a market capitalization of $52.86 billion, a PE ratio of 25.48, a P/E/G ratio of 1.84 and a beta of 0.99. The business’s 50 day moving average is $348.47 and its two-hundred day moving average is $310.67. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins has a one year low of $226.52 and a one year high of $387.90.

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

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC grew its position in Cummins by 11.3% during the second quarter. Sequoia Financial Advisors LLC now owns 2,970 shares of the company’s stock valued at $823,000 after buying an additional 302 shares during the period. Wedmont Private Capital grew its holdings in shares of Cummins by 8.3% in the second quarter. Wedmont Private Capital now owns 1,228 shares of the company’s stock valued at $350,000 after purchasing an additional 94 shares in the last quarter. M&G Plc acquired a new position in shares of Cummins in the second quarter valued at approximately $2,180,000. Diversified Trust Co grew its holdings in shares of Cummins by 2.7% in the second quarter. Diversified Trust Co now owns 9,429 shares of the company’s stock valued at $2,611,000 after purchasing an additional 252 shares in the last quarter. Finally, Great Valley Advisor Group Inc. lifted its stake in Cummins by 2.0% in the second quarter. Great Valley Advisor Group Inc. now owns 2,752 shares of the company’s stock worth $763,000 after acquiring an additional 55 shares during the last quarter. 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.