Cummins (NYSE:CMI) Given New $653.00 Price Target at Truist Financial

Cummins (NYSE:CMI) had its price target boosted by research analysts at Truist Financial from $628.00 to $653.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 29.74% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Finally, Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $484.53.

Cummins Trading Up 1.2%

Shares of Cummins stock traded up $5.89 during trading on Thursday, hitting $503.33. The stock had a trading volume of 45,015 shares, compared to its average volume of 887,122. Cummins has a 1 year low of $260.02 and a 1 year high of $526.50. The stock has a 50 day simple moving average of $463.85 and a 200 day simple moving average of $404.31. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $69.48 billion, a PE ratio of 26.15, a P/E/G ratio of 2.03 and a beta of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same quarter last year, the business posted $5.86 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that Cummins will post 22.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 27,330 shares of company stock valued at $12,649,764 over the last three months. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently modified their holdings of CMI. Flagship Wealth Advisors LLC acquired a new position in Cummins during the 3rd quarter worth $28,000. Salomon & Ludwin LLC increased its stake in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Guerra Advisors Inc acquired a new position in shares of Cummins during the 3rd quarter worth about $36,000. Caitong International Asset Management Co. Ltd bought a new stake in Cummins during the 3rd quarter valued at approximately $37,000. Finally, Tripletail Wealth Management LLC acquired a new stake in Cummins in the 3rd quarter valued at approximately $39,000. Institutional investors 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.