Cummins (NYSE:CMI) PT Raised to $371.00 at Truist Financial

Cummins (NYSE:CMI) had its target price increased by research analysts at Truist Financial from $349.00 to $371.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential upside of 11.47% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $306.55.

Cummins Stock Down 0.1 %

Shares of CMI opened at $332.83 on Wednesday. The firm has a market cap of $45.52 billion, a P/E ratio of 24.37, a PEG ratio of 1.81 and a beta of 0.98. Cummins has a 12 month low of $212.80 and a 12 month high of $334.99. The stock’s 50 day moving average is $306.88 and its two-hundred day moving average is $292.82. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $5.18 EPS. Analysts predict that Cummins will post 19.77 earnings per share for the current fiscal year.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade 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. Also, VP Sharon R. Barner sold 4,780 shares of the business’s 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents 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 company insiders.

Institutional Trading of Cummins

Institutional investors have recently bought and sold shares of the business. Atlantic Edge Private Wealth Management LLC raised its position in shares of Cummins by 0.7% during the 2nd 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 in the last quarter. EP Wealth Advisors LLC lifted its position 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 buying an additional 35 shares during the last quarter. Fidelis Capital Partners LLC boosted its holdings in shares of Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after buying an additional 38 shares in the last quarter. Greenleaf Trust grew its position in shares of Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after buying an additional 40 shares during the last quarter. Finally, Bangor Savings Bank raised its stake in Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other 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.