Cummins (NYSE:CMI) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Cummins (NYSE:CMI) had its target price upped by equities researchers at Robert W. Baird from $315.00 to $355.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 4.80% from the company’s previous close.

Other analysts have also issued reports about the company. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lifted their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $361.42.

Cummins Stock Down 0.4%

Shares of CMI stock opened at $338.75 on Friday. The stock has a 50 day moving average of $323.43 and a 200 day moving average of $330.92. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The stock has a market cap of $46.67 billion, a P/E ratio of 16.85, a P/E/G ratio of 2.04 and a beta of 1.03. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period last year, the business earned $5.08 earnings per share. As a group, sell-side analysts expect that Cummins will post 22.54 EPS for the current year.

Insider Buying and Selling

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several institutional investors and hedge funds have recently modified their holdings of CMI. Meeder Asset Management Inc. raised its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in shares of Cummins in the 4th quarter valued at $28,000. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the 1st quarter valued at $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the 1st quarter valued at $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Cummins in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.