Cummins (NYSE:CMI) Price Target Increased to $340.00 by Analysts at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its price target upped by analysts at JPMorgan Chase & Co. from $285.00 to $340.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 1.49% from the stock’s current price.

Several other equities research analysts also recently weighed in on CMI. Citigroup increased their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Evercore ISI lifted their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $311.55.

Cummins Price Performance

Shares of CMI opened at $335.00 on Friday. The firm has a market capitalization of $45.91 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company’s fifty day moving average price is $307.42 and its 200-day moving average price is $293.10. Cummins has a 1-year low of $212.80 and a 1-year high of $335.00.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $5.18 EPS. On average, equities research analysts predict that Cummins will post 19.77 EPS for the current year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Atlantic Edge Private Wealth Management LLC grew its position in Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the period. EP Wealth Advisors LLC grew its holdings in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the period. Fidelis Capital Partners LLC grew its holdings in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares during the period. Greenleaf Trust increased its position in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares during the last quarter. Finally, Bangor Savings Bank raised its holdings in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after buying an additional 40 shares during the period. Hedge funds and other institutional investors 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.