Cummins (NYSE:CMI) Price Target Raised to $730.00

Key Points

• Truist Financial raised its price target for Cummins to $730 (from $703) and maintained a "buy" rating, implying about a 16.44% upside from the prior close.
• Cummins beat expectations last quarter with EPS of $5.81 vs. $5.17 and revenue of $8.54B vs. $8.09B, and the stock trades near its 52‑week high (~$627) with a market cap of ~$86.6B and a P/E of 30.55.
• Analysts' consensus is a "Moderate Buy" with an average target of $600.27 (11 Buys, 6 Holds), while insiders sold ~31,195 shares (~$18.4M) in the past 90 days and institutions own ~83.5% of the stock.

Cummins (NYSE:CMI - Get Free Report) had its price target upped by analysts at Truist Financial from $703.00 to $730.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 16.44% from the company's previous close.

Other equities analysts have also issued reports about the company. UBS Group set a $565.00 target price on Cummins and gave the company a "neutral" rating in a research note on Friday, February 6th. Wells Fargo & Company upped their target price on Cummins from $630.00 to $693.00 and gave the company an "overweight" rating in a research note on Monday, April 13th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a "market perform" rating in a research note on Friday, February 6th. Morgan Stanley reiterated an "overweight" rating and issued a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Finally, Barclays boosted their price target on Cummins from $546.00 to $610.00 and gave the company an "overweight" rating in a research report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and a consensus target price of $600.27.

Cummins Stock Performance

Cummins stock opened at $626.91 on Monday. The firm has a market capitalization of $86.62 billion, a P/E ratio of 30.55, a PEG ratio of 1.98 and a beta of 1.14. The stock has a fifty day moving average price of $571.31 and a 200 day moving average price of $523.68. Cummins has a 52 week low of $269.24 and a 52 week high of $628.00. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.16 earnings per share. Equities research analysts anticipate that Cummins will post 22.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Jennifer Mary Bush sold 4,270 shares of the business's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.30% of the company's stock.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cidel Asset Management Inc. raised its stake in Cummins by 10.4% during the first quarter. Cidel Asset Management Inc. now owns 937 shares of the company's stock valued at $504,000 after buying an additional 88 shares in the last quarter. Steph & Co. raised its stake in Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company's stock valued at $36,000 after buying an additional 35 shares in the last quarter. Krilogy Financial LLC raised its stake in Cummins by 1.8% during the first quarter. Krilogy Financial LLC now owns 2,305 shares of the company's stock valued at $1,240,000 after buying an additional 40 shares in the last quarter. Stonebridge Financial Group LLC MO raised its stake in Cummins by 8.3% during the first quarter. Stonebridge Financial Group LLC MO now owns 1,233 shares of the company's stock valued at $663,000 after buying an additional 94 shares in the last quarter. Finally, Clear Trail Advisors LLC raised its stake in Cummins by 131.2% during the first quarter. Clear Trail Advisors LLC now owns 2,016 shares of the company's stock valued at $1,085,000 after buying an additional 1,144 shares in the last quarter. 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.

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