Cummins (NYSE:CMI) Price Target Raised to $381.00

Cummins (NYSE:CMI) had its target price hoisted by Barclays from $310.00 to $381.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other analysts have also recently commented on the stock. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird upped their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $383.08.

Cummins Stock Performance

Shares of Cummins stock opened at $372.12 on Wednesday. The firm has a fifty day moving average of $361.89 and a two-hundred day moving average of $335.21. The stock has a market capitalization of $51.05 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00. Cummins has a 52 week low of $247.53 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

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

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 6,328 shares of company stock worth $2,300,040. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Large investors have recently modified their holdings of the business. PFG Investments LLC boosted its stake in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. Mariner Investment Group LLC acquired a new stake in Cummins in the 4th quarter valued at about $1,046,000. CWM LLC lifted its stake in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in Cummins in the 3rd quarter valued at about $748,000. Finally, Franklin Resources Inc. lifted its stake in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.