JPMorgan Chase & Co. Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price objective hoisted by JPMorgan Chase & Co. from $400.00 to $460.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

CMI has been the subject of several other reports. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird boosted their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Truist Financial upped their price objective on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $407.43.

Cummins Stock Up 2.0%

Cummins stock opened at $417.31 on Tuesday. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $57.50 billion, a P/E ratio of 19.62, a PEG ratio of 1.97 and a beta of 1.04. The stock has a 50-day simple moving average of $409.04 and a 200-day simple moving average of $350.83.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the business earned $5.26 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Cummins will post 22.54 earnings per share for the current year.

Insider Activity at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Cummins in the 2nd quarter worth approximately $505,941,000. Raymond James Financial Inc. grew its holdings in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares during the period. American Century Companies Inc. grew its holdings in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares during the period. Ontario Teachers Pension Plan Board grew its holdings in shares of Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after acquiring an additional 427,670 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after acquiring an additional 424,294 shares during the period. Institutional investors and hedge funds 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.