Cummins (NYSE:CMI) Price Target Raised to $407.00 at Robert W. Baird

Cummins (NYSE:CMI) had its price target increased by Robert W. Baird from $395.00 to $407.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also recently commented on the stock. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $383.08.

Cummins Stock Performance

NYSE:CMI opened at $372.12 on Wednesday. The stock has a market capitalization of $51.05 billion, a P/E ratio of 24.58, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins has a 1 year low of $247.53 and a 1 year high of $387.90. The firm has a 50 day moving average of $361.89 and a 200-day moving average of $335.21.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the firm earned $4.14 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins will post 20.62 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins 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 trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 6,328 shares of company stock valued at $2,300,040. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently made changes to their positions in CMI. PFG Investments LLC raised its position in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC bought a new stake in Cummins during the 4th quarter valued at $1,046,000. CWM LLC lifted its position in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Alpha DNA Investment Management LLC bought a new position in shares of Cummins in the third quarter worth $748,000. Finally, Franklin Resources Inc. grew its position in shares of Cummins by 74.2% in the third 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 in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.