Truist Financial Increases Cummins (NYSE:CMI) Price Target to $901.00

Cummins (NYSE:CMI) had its price objective boosted by equities researchers at Truist Financial from $815.00 to $901.00 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 32.19% from the stock’s current price.

A number of other analysts have also recently issued reports on CMI. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Morgan Stanley upped their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $738.00.

Cummins Price Performance

NYSE CMI opened at $681.59 on Thursday. The stock’s 50-day moving average price is $676.64 and its two-hundred day moving average price is $602.12. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a market cap of $94.05 billion, a PE ratio of 35.37, a PEG ratio of 1.74 and a beta of 1.23. Cummins has a 1 year low of $325.25 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 earnings per share. On average, analysts predict that Cummins will post 29.31 EPS for the current year.

Insider Buying and Selling at Cummins

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently bought and sold shares of the business. WealthPoint Financial LLC acquired a new stake in Cummins in the 1st quarter valued at about $228,000. Basecamp Wealth Advisors LLC raised its position in Cummins by 7.1% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 379 shares of the company’s stock worth $204,000 after purchasing an additional 25 shares during the last quarter. Western Wealth Management LLC raised its position in Cummins by 310.9% in the 1st quarter. Western Wealth Management LLC now owns 2,704 shares of the company’s stock worth $1,455,000 after purchasing an additional 2,046 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Cummins by 123.1% during the 1st quarter. NewEdge Advisors LLC now owns 96,147 shares of the company’s stock worth $51,729,000 after buying an additional 53,048 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new position in Cummins during the 1st quarter worth $179,000. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.