Cummins (NYSE:CMI) Given New $430.00 Price Target at Citigroup

Cummins (NYSE:CMI) had its price objective dropped by research analysts at Citigroup from $435.00 to $430.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 17.63% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Truist Financial upped their target price on shares of Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised 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. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $374.17.

Cummins Stock Up 1.2 %

Shares of NYSE:CMI traded up $4.47 during midday trading on Tuesday, reaching $365.54. The company’s stock had a trading volume of 346,739 shares, compared to its average volume of 545,776. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $362.62 and a 200-day moving average of $325.60. The firm has a market capitalization of $50.14 billion, a P/E ratio of 24.14, a PEG ratio of 1.78 and a beta of 0.99. Cummins has a 12-month low of $226.52 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the company earned $4.73 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Cummins will post 20.75 earnings per share for the current year.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last quarter. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CMI. Armstrong Advisory Group Inc. raised its position in shares of Cummins by 54.6% during the 4th quarter. Armstrong Advisory Group Inc. now owns 566 shares of the company’s stock valued at $197,000 after purchasing an additional 200 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Cummins by 18.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,238 shares of the company’s stock valued at $780,000 after acquiring an additional 356 shares during the period. Park Avenue Securities LLC lifted its position in shares of Cummins by 29.7% in the fourth quarter. Park Avenue Securities LLC now owns 5,821 shares of the company’s stock valued at $2,029,000 after acquiring an additional 1,333 shares in the last quarter. Kathmere Capital Management LLC boosted its stake in shares of Cummins by 21.2% in the fourth quarter. Kathmere Capital Management LLC now owns 896 shares of the company’s stock worth $312,000 after acquiring an additional 157 shares during the period. Finally, Rockland Trust Co. raised its stake in Cummins by 32.6% during the 4th quarter. Rockland Trust Co. now owns 2,873 shares of the company’s stock valued at $1,002,000 after purchasing an additional 706 shares during the period. Institutional investors 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.