Robert W. Baird Increases Cummins (NYSE:CMI) Price Target to $315.00

Cummins (NYSE:CMI) had its price target hoisted by analysts at Robert W. Baird from $295.00 to $315.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s price target suggests a potential upside of 8.06% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen increased their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Truist Financial reduced their target price on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group increased their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $289.00.

Cummins Price Performance

Shares of Cummins stock traded down $14.59 during trading on Friday, hitting $291.50. 226,609 shares of the company’s stock traded hands, compared to its average volume of 1,882,759. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm’s fifty day moving average price is $279.97 and its 200 day moving average price is $276.00. The company has a market cap of $39.87 billion, a PE ratio of 21.57, a PEG ratio of 1.84 and a beta of 0.99. Cummins has a twelve month low of $212.80 and a twelve month high of $322.83.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the firm posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts forecast that Cummins will post 18.61 earnings per share for the current year.

Insiders Place Their Bets

In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Atlantic Edge Private Wealth Management LLC increased its stake 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 during the last quarter. Albert D Mason Inc. increased its stake in shares of Cummins by 0.4% in the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock valued at $2,728,000 after purchasing an additional 37 shares during the last quarter. Greenleaf Trust raised its holdings 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 buying an additional 40 shares in the last quarter. Bangor Savings Bank lifted its position in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after buying an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its stake in Cummins by 2.6% in the second quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after buying an additional 41 shares in 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.