Cummins (NYSE:CMI) Given New $315.00 Price Target at Truist Financial

Cummins (NYSE:CMI) had its price target lowered by Truist Financial from $319.00 to $315.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential upside of 15.75% from the company’s current price.

A number of other equities research analysts have also issued reports on CMI. Citigroup assumed coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Robert W. Baird cut their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, TD Cowen lifted their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Trading Up 1.7 %

CMI opened at $272.13 on Tuesday. The firm has a market capitalization of $37.22 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. The company’s 50 day simple moving average is $281.44 and its two-hundred day simple moving average is $269.48. Cummins has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Analysts expect that Cummins will post 18.86 EPS for the current fiscal year.

Insider Activity at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its stake in shares of Cummins by 4.2% in the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock valued at $1,747,000 after buying an additional 306 shares during the period. Earnest Partners LLC lifted its stake in Cummins by 1.7% in the third quarter. Earnest Partners LLC now owns 283,332 shares of the company’s stock worth $64,730,000 after acquiring an additional 4,635 shares during the last quarter. Legacy Advisors LLC acquired a new position in Cummins during the 3rd quarter worth approximately $719,000. KPP Advisory Services LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $361,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Cummins in the 3rd quarter valued at $534,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.