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

Cummins (NYSE:CMI) had its price target boosted by Truist Financial from $424.00 to $425.00 in a research note published on Thursday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms also recently commented on CMI. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup reduced their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $374.25.

Cummins Stock Performance

Cummins stock opened at $365.98 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market capitalization of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. The company has a 50 day moving average price of $363.33 and a 200-day moving average price of $327.38. Cummins has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. Cummins’s revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Cummins will post 20.75 earnings per share for the current year.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Several large investors have recently made changes to their positions in the business. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Cummins during the 3rd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the third quarter valued at $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins in the third quarter valued at about $55,000. Finally, Friedenthal Financial purchased a new stake in shares of Cummins during the fourth quarter worth about $55,000. 83.46% of the stock is 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.