Truist Financial Boosts Cummins (NYSE:CMI) Price Target to $424.00

Cummins (NYSE:CMI - Get Free Report) had its price target increased by equities researchers at Truist Financial from $369.00 to $424.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective points to a potential upside of 21.25% from the stock's current price.

A number of other analysts have also recently issued reports on CMI. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Citigroup raised their price target on Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a report on Monday, December 9th. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and upped their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird upped their price target on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $356.92.

Cummins Stock Down 0.3 %

Shares of NYSE:CMI traded down $0.99 during midday trading on Thursday, hitting $349.70. The stock had a trading volume of 666,928 shares, compared to its average volume of 1,400,250. The company has a market cap of $47.97 billion, a P/E ratio of 23.10, a PEG ratio of 1.80 and a beta of 0.99. Cummins has a 12 month low of $226.52 and a 12 month high of $387.90. The business's 50-day simple moving average is $355.22 and its 200-day simple moving average is $315.61. 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 quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm posted $4.73 EPS. The company's quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Cummins will post 20.75 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Prospera Private Wealth LLC bought a new stake in shares of Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins during the 3rd quarter worth $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins in the 3rd quarter worth about $55,000. New Millennium Group LLC bought a new position in Cummins in the second quarter valued at about $48,000. Finally, nVerses Capital LLC acquired a new stake in shares of Cummins during the second quarter valued at about $55,000. Institutional investors own 83.46% of the company's stock.

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.