Barclays Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price objective boosted by Barclays from $310.00 to $381.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the company. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $383.08.

Cummins Stock Performance

Shares of CMI stock opened at $370.03 on Wednesday. The stock’s 50-day moving average price is $361.94 and its 200 day moving average price is $334.73. Cummins has a 52-week low of $236.00 and a 52-week high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $50.76 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00.

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

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 6,490 shares of company stock worth $2,357,880. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently made changes to their positions in CMI. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department purchased a new stake in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the fourth quarter worth $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the 3rd quarter valued at $34,000. 83.46% of the stock is currently 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.