Cummins (NYSE:CMI) Given New $770.00 Price Target at Argus

Key Points

• Argus raised its price target on Cummins from $696 to $770 and kept a buy rating, implying about 22.11% upside from the prior close.
• Several other analysts also turned more bullish, including Citigroup and Barclays, while the overall consensus remains Moderate Buy with an average target price of $705.79.
• Shares fell 2.5% to $630.56 despite the upbeat analyst coverage, while Cummins recently posted better-than-expected quarterly earnings of $6.15 per share on $8.40 billion in revenue.

Cummins (NYSE:CMI - Get Free Report) had its price target hoisted by Argus from $696.00 to $770.00 in a research note issued on Monday, MarketBeat Ratings reports. The firm currently has a "buy" rating on the stock. Argus' price target points to a potential upside of 22.11% from the stock's previous close.

A number of other analysts have also issued reports on CMI. Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Finally, Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $705.79.

Cummins Trading Down 2.5%

Shares of Cummins stock traded down $16.07 during trading hours on Monday, hitting $630.56. The company's stock had a trading volume of 184,749 shares, compared to its average volume of 922,012. The firm has a fifty day moving average of $623.70 and a 200-day moving average of $570.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market cap of $87.01 billion, a price-to-earnings ratio of 32.66, a P/E/G ratio of 1.57 and a beta of 1.24. Cummins has a twelve month low of $307.90 and a twelve month high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. Cummins's revenue was up 2.7% on a year-over-year basis. Research analysts forecast that Cummins will post 29.4 EPS for the current year.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 17,633 shares of company stock valued at $11,653,357 over the last quarter. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Several institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock worth $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock valued at $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new stake in Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 83.46% of the company's stock.

About Cummins

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.