Cummins (NYSE:CMI) Price Target Raised to $380.00

Key Points

• Truist Financial raised its price target for Cummins (NYSE:CMI) from $342.00 to $380.00, indicating a slight potential downside of 0.09% from its current price.
• Analysts are mixed on Cummins, with a consensus hold rating and an average target price of $370.83, while other firms like Citigroup and Goldman Sachs have set more optimistic price targets.
• In its latest earnings report, Cummins reported $6.43 earnings per share, beating expectations and showing a slight year-over-year revenue decline of 1.7%.

Cummins (NYSE:CMI - Get Free Report) had its price target lifted by stock analysts at Truist Financial from $342.00 to $380.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's price target indicates a potential downside of 0.09% from the company's current price.

Other analysts also recently issued reports about the company. Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Citigroup increased their price target on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI lowered their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $370.83.

Cummins Trading Down 0.4%

NYSE CMI traded down $1.35 during mid-day trading on Thursday, reaching $380.33. 187,842 shares of the stock were exchanged, compared to its average volume of 881,081. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 0.81. The stock has a 50 day simple moving average of $337.30 and a 200-day simple moving average of $331.44. Cummins has a one year low of $260.02 and a one year high of $387.90. The stock has a market cap of $52.39 billion, a P/E ratio of 17.85, a P/E/G ratio of 2.08 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.26 EPS. On average, analysts anticipate that Cummins will post 22.54 EPS for the current year.

Insider Buying and Selling

In other news, Director John H. Stone purchased 1,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

A number of hedge funds have recently bought and sold shares of the company. Capital A Wealth Management LLC bought a new stake in shares of Cummins in the 4th quarter worth approximately $32,000. Olde Wealth Management LLC bought a new stake in Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth approximately $31,000. Opal Wealth Advisors LLC purchased a new position in shares of Cummins in the first quarter worth $37,000. Finally, Richardson Financial Services Inc. bought a new stake in Cummins during the 1st quarter valued at $39,000. 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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