Citigroup Raises Cummins (NYSE:CMI) Price Target to $375.00

Cummins (NYSE:CMI) had its price target hoisted by Citigroup from $345.00 to $375.00 in a research note issued to investors on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Robert W. Baird increased their price target on Cummins from $295.00 to $315.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the stock a hold rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $275.00 to $285.00 and gave the company an underweight rating in a report on Friday, August 2nd. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an equal weight rating in a report on Monday, August 5th. Finally, Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an in-line rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cummins has an average rating of Hold and a consensus price target of $311.55.

Cummins Stock Performance

CMI stock opened at $336.07 on Wednesday. The firm has a market cap of $45.97 billion, a P/E ratio of 24.60, a P/E/G ratio of 1.92 and a beta of 0.98. The stock’s 50 day simple moving average is $308.33 and its 200 day simple moving average is $293.45. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins has a 12-month low of $212.80 and a 12-month high of $337.60.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm posted $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities research analysts predict that Cummins will post 19.77 EPS for the current year.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its position in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after acquiring an additional 103,018 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Legal & General Group Plc raised its position in shares of Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the period. Finally, Marshfield Associates lifted its holdings in shares of Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after purchasing an additional 3,076 shares during the last quarter. 83.46% of the stock is currently owned by 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.