Truist Financial Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price objective increased by stock analysts at Truist Financial from $628.00 to $653.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 29.74% from the stock’s current price.

Other analysts have also recently issued reports about the company. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Barclays raised their price objective on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 11th. Wells Fargo & Company began coverage on Cummins in a report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price for the company. Finally, Argus lifted their price objective on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $484.53.

Cummins Stock Performance

Shares of CMI traded up $5.89 during trading hours on Thursday, reaching $503.33. 45,015 shares of the company traded hands, compared to its average volume of 887,122. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The stock’s fifty day moving average is $463.85 and its 200 day moving average is $404.31. Cummins has a 1-year low of $260.02 and a 1-year high of $526.50. The stock has a market cap of $69.48 billion, a P/E ratio of 26.15, a price-to-earnings-growth ratio of 2.03 and a beta of 1.11.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business 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%.The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $5.86 earnings per share. Equities research analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 27,330 shares of company stock valued at $12,649,764. 0.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the period. State Street Corp increased its stake in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the period. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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.