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

Cummins (NYSE:CMI) had its price target increased by Barclays from $310.00 to $381.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 4.68% from the stock’s current price.

Other analysts have also issued research reports about the stock. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Robert W. Baird boosted their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $380.17.

Cummins Trading Up 4.5 %

Shares of CMI stock opened at $363.97 on Wednesday. Cummins has a fifty-two week low of $236.00 and a fifty-two week high of $387.90. The firm’s 50 day moving average price is $361.94 and its two-hundred day moving average price is $334.73. The stock has a market cap of $49.93 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, analysts anticipate that Cummins will post 20.62 EPS for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 6,490 shares of company stock valued at $2,357,880. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter worth $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the third quarter valued at about $34,000. 83.46% of the stock is currently owned by institutional investors.

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.