Cummins (NYSE:CMI) Price Target Raised to $292.00 at TD Cowen

Cummins (NYSE:CMI) had its price objective lifted by TD Cowen from $272.00 to $292.00 in a report released on Friday, Briefing.com reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential downside of 0.88% from the stock’s previous close.

CMI has been the subject of several other reports. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday. Robert W. Baird reduced their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Truist Financial raised their price objective on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $284.36.

Cummins Stock Performance

Shares of Cummins stock opened at $294.58 on Friday. The firm has a market capitalization of $40.29 billion, a P/E ratio of 21.57, a P/E/G ratio of 1.90 and a beta of 1.04. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $286.48 and its two-hundred day moving average is $254.08.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $4.52 EPS. Research analysts forecast that Cummins will post 18.45 EPS for the current fiscal year.

Insider Activity

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,169 shares of company stock valued at $14,689,855. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Balentine LLC grew its holdings in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after acquiring an additional 127 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins in the 3rd quarter valued at $9,048,000. Capital Advisors Inc. OK acquired a new position in shares of Cummins in the 4th quarter valued at $24,915,000. Finally, SG Americas Securities LLC boosted its position in shares of Cummins by 227.6% in the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

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.