Cummins (NYSE:CMI) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Cummins (NYSE:CMI) had its price target boosted by Robert W. Baird from $395.00 to $407.00 in a report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages also recently weighed in on CMI. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $383.08.

Cummins Stock Performance

NYSE CMI opened at $370.03 on Wednesday. The company has a market capitalization of $50.76 billion, a P/E ratio of 24.44, a P/E/G ratio of 1.64 and a beta of 1.00. 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 $236.00 and a 52-week high of $387.90. The company has a fifty day moving average of $361.94 and a 200-day moving average of $334.73.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.14 earnings per share. As a group, equities research analysts predict that Cummins will post 20.62 EPS for the current fiscal year.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 6,490 shares of company stock worth $2,357,880 in the last three months. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC lifted its stake in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new position in Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter valued at about $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter worth about $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter valued at approximately $34,000. 83.46% of the stock is currently owned by 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.