Cummins (NYSE:CMI) Price Target Raised to $381.00 at Barclays

Cummins (NYSE:CMI) had its price target raised by Barclays from $310.00 to $381.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts also recently weighed in on CMI. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $383.08.

Cummins Stock Up 1.8 %

Shares of NYSE CMI opened at $370.03 on Wednesday. The stock has a market capitalization of $50.76 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00. The stock’s fifty day simple moving average is $361.94 and its two-hundred day simple moving average is $334.73. Cummins has a 12-month low of $236.00 and a 12-month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $4.14 EPS. As a group, analysts expect that Cummins will post 20.62 EPS for the current fiscal year.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were 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 $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 6,490 shares of company stock worth $2,357,880 in the last quarter. 0.56% of the stock is owned by company insiders.

Institutional Trading of Cummins

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares during the period. Proficio Capital Partners LLC bought a new stake in Cummins in the 4th quarter valued at about $71,279,000. Fisher Asset Management LLC raised its stake in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. Finally, State Street Corp boosted its holdings in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. 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.