Truist Financial Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI - Free Report) had its target price raised by Truist Financial from $424.00 to $425.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other research analysts have also recently commented on CMI. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Jefferies Financial Group raised their target price on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday. Finally, Vertical Research lowered 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. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $374.25.

Cummins Stock Performance

Shares of Cummins stock traded up $5.75 during trading on Thursday, reaching $366.55. The company's stock had a trading volume of 577,493 shares, compared to its average volume of 594,379. Cummins has a 52 week low of $226.52 and a 52 week high of $387.90. The firm has a market cap of $50.28 billion, a PE ratio of 24.21, a P/E/G ratio of 1.61 and a beta of 1.01. The business's 50-day moving average price is $362.91 and its 200-day moving average price is $326.45. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results 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 firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business's revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.73 EPS. Equities analysts forecast that Cummins will post 20.75 earnings per share for the current year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Several institutional investors have recently added to or reduced their stakes in CMI. Chicago Capital LLC boosted its stake in shares of Cummins by 0.9% in the 3rd 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. Equitable Trust Co. boosted its position in Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company's stock valued at $298,000 after acquiring an additional 32 shares during the last quarter. EP Wealth Advisors LLC boosted its position in Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock valued at $520,000 after acquiring an additional 35 shares during the last quarter. Bangor Savings Bank grew its holdings in Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company's stock worth $62,000 after acquiring an additional 35 shares during the period. Finally, Graypoint LLC raised its position in shares of Cummins by 2.0% in the 4th quarter. Graypoint LLC now owns 1,874 shares of the company's stock worth $653,000 after acquiring an additional 36 shares in the last quarter. 83.46% of the stock is currently owned by 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.