Cummins (NYSE:CMI) Price Target Raised to $355.00

Cummins (NYSE:CMI - Get Free Report) had its target price boosted by equities research analysts at Robert W. Baird from $315.00 to $355.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 4.38% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Evercore ISI decreased their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $361.42.

Cummins Stock Up 1.6%

Cummins stock opened at $340.09 on Friday. The company has a market cap of $46.85 billion, a P/E ratio of 16.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.03. Cummins has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a fifty day simple moving average of $322.65 and a 200 day simple moving average of $331.18. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter last year, the firm earned $5.08 earnings per share. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.41% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new position in Cummins during the 4th quarter worth $28,000. Olde Wealth Management LLC bought a new position in Cummins during the 1st quarter worth $30,000. Accredited Wealth Management LLC bought a new position in Cummins during the first quarter worth $31,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins during the fourth quarter worth $32,000. Institutional investors 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.

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