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

Cummins (NYSE:CMI) had its target price hoisted by research analysts at Truist Financial from $369.00 to $424.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price would indicate a potential upside of 18.66% from the stock’s current price.

Several other research analysts also recently issued reports on CMI. Citigroup lifted their price target on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. raised shares of 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 note on Monday, December 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $356.92.

Cummins Stock Performance

NYSE:CMI traded up $6.63 during mid-day trading on Thursday, reaching $357.32. The stock had a trading volume of 20,597 shares, compared to its average volume of 1,397,546. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The business has a 50 day simple moving average of $354.88 and a 200 day simple moving average of $315.37. Cummins has a twelve month low of $226.52 and a twelve month high of $387.90. The firm has a market capitalization of $49.02 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the company posted $4.73 earnings per share. Cummins’s quarterly revenue was up .3% on a year-over-year basis. On average, analysts expect that Cummins will post 20.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The shares were 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 directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC raised its position in Cummins by 24.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 338,961 shares of the company’s stock valued at $109,752,000 after purchasing an additional 66,885 shares during the last quarter. 1ST Source Bank grew its holdings in Cummins by 5.3% during the 3rd quarter. 1ST Source Bank now owns 1,844 shares of the company’s stock worth $597,000 after acquiring an additional 93 shares during the last quarter. Bush Investment Group LLC acquired a new stake in Cummins in the 3rd quarter valued at about $204,000. Old North State Trust LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $232,000. Finally, Franklin Resources Inc. raised its position in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Company Profile

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.