Cummins (NYSE:CMI) Price Target Raised to $770.00

Cummins (NYSE:CMI) had its price target lifted by investment analysts at Argus from $696.00 to $770.00 in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Argus’ price target would indicate a potential upside of 22.11% from the stock’s previous close.

CMI has been the subject of several other research reports. JPMorgan Chase & Co. upped their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company upped their price objective on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Morgan Stanley lifted their price objective on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $705.79.

Cummins Trading Down 2.5%

NYSE CMI traded down $16.07 during trading on Monday, reaching $630.56. 184,749 shares of the stock traded hands, compared to its average volume of 922,012. The stock’s 50-day moving average price is $623.70 and its 200 day moving average price is $570.47. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a market cap of $87.01 billion, a price-to-earnings ratio of 32.66, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. Cummins has a fifty-two week low of $307.90 and a fifty-two week high of $718.08.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Analysts predict that Cummins will post 29.4 EPS for the current year.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,633 shares of company stock worth $11,653,357 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares in the last quarter. State Street Corp boosted its stake in shares of Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.