Cummins Inc. (NYSE:CMI) Receives $513.07 Consensus Target Price from Brokerages

Cummins Inc. (NYSE:CMI) has received an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $514.00.

A number of research analysts recently issued reports on CMI shares. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. Barclays reiterated a “positive” rating on shares of Cummins in a research report on Friday, December 19th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Truist Financial lifted their target price on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Finally, Wells Fargo & Company began coverage on Cummins in a research note on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price target for the company.

Cummins Trading Up 2.8%

Shares of CMI stock opened at $581.53 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The company has a market cap of $80.27 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 1.98 and a beta of 1.12. Cummins has a 1 year low of $260.02 and a 1 year high of $584.70. The firm has a fifty day moving average price of $516.47 and a 200-day moving average price of $441.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.86 earnings per share. As a group, equities analysts predict that Cummins will post 22.54 earnings per share for the current year.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Motley Fool Asset Management LLC increased its position in shares of Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares during the last quarter. Applied Finance Capital Management LLC boosted its stake in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares during the period. New York State Teachers Retirement System increased its position in Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Cummins by 71.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,884 shares of the company’s stock worth $2,485,000 after acquiring an additional 2,449 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.