Cummins (NYSE:CMI) Stock Price Expected to Rise, Citigroup Analyst Says

Cummins (NYSE:CMI) had its price target lifted by stock analysts at Citigroup from $375.00 to $415.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 12.43% from the stock’s current price.

A number of other research firms have also recently commented on CMI. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Finally, Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $337.67.

Cummins Stock Up 2.3 %

Cummins stock opened at $369.13 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average of $334.37 and a two-hundred day moving average of $303.79. Cummins has a twelve month low of $220.02 and a twelve month high of $370.64. The stock has a market capitalization of $50.64 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Cummins will post 20.57 earnings per share for the current year.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders sold 4,326 shares of company stock worth $1,559,125. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC boosted its holdings in shares of Cummins by 3.9% during the third quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company’s stock worth $1,727,000 after purchasing an additional 202 shares during the period. Advisory Resource Group raised its holdings in Cummins by 1.0% during the third quarter. Advisory Resource Group now owns 15,328 shares of the company’s stock valued at $4,963,000 after buying an additional 155 shares in the last quarter. Soltis Investment Advisors LLC bought a new stake in Cummins during the third quarter worth approximately $201,000. TD Private Client Wealth LLC grew its stake in Cummins by 5.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 17,112 shares of the company’s stock valued at $5,541,000 after buying an additional 882 shares during the last quarter. Finally, Hobbs Group Advisors LLC lifted its position in shares of Cummins by 3,822.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 2,079 shares of the company’s stock worth $673,000 after purchasing an additional 2,026 shares during the last quarter. Institutional investors and hedge funds 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.