Brokerages Set Cummins Inc. (NYSE:CMI) Target Price at $374.25

Shares of Cummins Inc. (NYSE:CMI) have received a consensus recommendation of “Hold” from the thirteen ratings firms that are currently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $383.08.

CMI has been the topic of a number of analyst reports. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th.

Cummins Stock Up 0.8 %

Shares of Cummins stock opened at $372.12 on Monday. The company has a market cap of $51.05 billion, a P/E ratio of 13.21, a PEG ratio of 2.10 and a beta of 1.00. The firm has a fifty day moving average of $361.82 and a two-hundred day moving average of $336.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. Cummins has a one year low of $247.53 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts forecast that Cummins will post 22.57 earnings per share for the current year.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 4,327 shares of company stock valued at $1,582,821 over the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Global Trust Asset Management LLC grew its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the period. KG&L Capital Management LLC grew its position in shares of Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after purchasing an additional 28 shares during the period. Chicago Capital LLC increased its stake in Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Massachusetts Wealth Management lifted its position in Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after buying an additional 30 shares during the period. Finally, Avestar Capital LLC boosted its stake in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

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.