Truist Financial Increases Cummins (NYSE:CMI) Price Target to $424.00

Cummins (NYSE:CMI) had its price target lifted by equities researchers at Truist Financial from $369.00 to $424.00 in a report released on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target indicates a potential upside of 18.66% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. 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. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $356.92.

Cummins Price Performance

Shares of Cummins stock traded up $6.63 on Thursday, hitting $357.32. 20,597 shares of the company traded hands, compared to its average volume of 1,397,546. The stock has a market capitalization of $49.02 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The business has a 50-day simple moving average of $354.88 and a 200 day simple moving average of $315.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins has a 52 week low of $226.52 and a 52 week 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, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for 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 quarter in the prior year, the firm earned $4.73 earnings per share. Research analysts expect that Cummins will post 20.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the 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 sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. Chicago Capital LLC boosted its holdings in Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. grew its position in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after buying an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its holdings 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 valued at $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in 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 acquiring an additional 35 shares in the last quarter. Finally, Fidelis Capital Partners LLC lifted its stake in Cummins by 3.4% during the second 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 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.