Cummins (NYSE:CMI) Price Target Raised to $370.00 at The Goldman Sachs Group

Cummins (NYSE:CMI) had its price target raised by The Goldman Sachs Group from $324.00 to $370.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 4.81% from the company’s current price.

Other analysts also recently issued reports about the stock. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Truist Financial boosted their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $324.83.

Cummins Stock Performance

Shares of CMI stock traded down $1.69 during trading hours on Wednesday, reaching $353.03. The company had a trading volume of 39,916 shares, compared to its average volume of 1,497,620. Cummins has a one year low of $214.57 and a one year high of $370.21. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business has a fifty day moving average price of $321.21 and a 200-day moving average price of $298.27. The firm has a market cap of $48.38 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.73 earnings per share. Sell-side analysts predict that Cummins will post 19.96 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cummins

Hedge funds and other institutional investors have recently modified their holdings of the business. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Cummins in the third quarter valued at about $4,883,000. Banque Cantonale Vaudoise raised its stake in shares of Cummins by 27.1% during the 3rd quarter. Banque Cantonale Vaudoise now owns 16,727 shares of the company’s stock worth $5,416,000 after acquiring an additional 3,567 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Cummins by 2.3% during the third quarter. Fifth Third Wealth Advisors LLC now owns 3,610 shares of the company’s stock valued at $1,169,000 after acquiring an additional 82 shares during the last quarter. Verity & Verity LLC grew its holdings in Cummins by 1.0% in the third quarter. Verity & Verity LLC now owns 34,640 shares of the company’s stock worth $11,216,000 after purchasing an additional 357 shares during the last quarter. Finally, Caprock Group LLC grew its stake in shares of Cummins by 3.1% during the third quarter. Caprock Group LLC now owns 8,579 shares of the company’s stock worth $2,778,000 after acquiring an additional 255 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.