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

Cummins (NYSE:CMI) had its price target hoisted by equities researchers at TD Cowen from $272.00 to $292.00 in a research note issued to investors on Friday, Briefing.com reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price suggests a potential downside of 0.88% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $243.00 to $225.00 in a research note on Friday, January 19th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Citigroup upped their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, The Goldman Sachs Group upped their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $284.36.

Cummins Stock Performance

NYSE:CMI opened at $294.58 on Friday. The company has a market capitalization of $40.29 billion, a PE ratio of 21.57, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a 50 day simple moving average of $286.48 and a two-hundred day simple moving average of $254.08. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

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

Insider Activity

In related news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on 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 completion of the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,169 shares of company stock valued at $14,689,855. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently added to or reduced their stakes in CMI. Vanguard Group Inc. increased its holdings in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. Norges Bank purchased a new position in shares of Cummins during the 4th quarter valued at about $298,867,000. International Assets Investment Management LLC lifted its position in shares of Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in shares of Cummins during the 3rd quarter valued at about $71,268,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Cummins by 88.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after buying an additional 274,927 shares in the last quarter. 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.