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

Cummins (NYSE:CMI) had its target price upped by Citigroup from $345.00 to $375.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on CMI. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Evercore ISI increased their target price on shares of Cummins from $290.00 to $294.00 and gave the company an in-line rating in a research report on Monday, August 19th. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a market perform rating on the stock. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an equal weight rating in a report on Monday, August 5th. Finally, Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a hold rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $311.55.

Cummins Price Performance

Shares of NYSE:CMI opened at $336.07 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $308.33 and a 200 day simple moving average of $293.44. Cummins has a fifty-two week low of $212.80 and a fifty-two week high of $337.60. The company has a market cap of $46.06 billion, a PE ratio of 24.23, a P/E/G ratio of 1.92 and a beta of 0.98.

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

Insider Buying and Selling

In related 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now 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 can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now 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. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of large investors have recently made changes to their positions in CMI. Creative Planning increased its stake in Cummins by 0.3% in the 3rd quarter. Creative Planning now owns 60,996 shares of the company’s stock valued at $19,750,000 after buying an additional 203 shares during the period. Wesbanco Bank Inc. raised its holdings in shares of Cummins by 5.3% during the third quarter. Wesbanco Bank Inc. now owns 1,998 shares of the company’s stock worth $647,000 after acquiring an additional 100 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the third quarter valued at $34,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Cummins by 40.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,882 shares of the company’s stock valued at $610,000 after purchasing an additional 538 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in Cummins in the 3rd quarter worth about $2,024,000. 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.