Truist Financial Lowers Cummins (NYSE:CMI) Price Target to $315.00

Cummins (NYSE:CMI) had its target price dropped by equities researchers at Truist Financial from $319.00 to $315.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential upside of 15.75% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup initiated coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Robert W. Baird decreased their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Stock Performance

NYSE CMI opened at $272.13 on Tuesday. 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 has a 1-year low of $212.80 and a 1-year high of $304.24. The business has a 50 day simple moving average of $281.44 and a two-hundred day simple moving average of $269.48. The stock has a market capitalization of $37.22 billion, a PE ratio of 19.92, a P/E/G ratio of 1.73 and a beta of 0.99.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Cummins

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Price T Rowe Associates Inc. MD grew its stake 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 valued at $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares in the last quarter. Morgan Stanley raised its holdings in Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after buying an additional 96,387 shares during the last quarter. 83.46% of the stock is 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.