Cummins (NYSE:CMI) Given New $675.00 Price Target at Raymond James Financial

Cummins (NYSE:CMI) had its price target lifted by Raymond James Financial from $585.00 to $675.00 in a research note published on Monday,Benzinga reports. Raymond James Financial currently has an outperform rating on the stock.

A number of other research analysts also recently commented on the company. Truist Financial reissued a “buy” rating and issued a $703.00 price target (up previously from $653.00) on shares of Cummins in a report on Friday. Barclays raised their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Citigroup lifted their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a “market perform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $580.73.

Cummins Price Performance

Shares of CMI stock opened at $601.10 on Monday. The firm has a fifty day simple moving average of $543.10 and a 200-day simple moving average of $464.36. The company has a market capitalization of $82.98 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.13. Cummins has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.16 EPS. Equities research analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Cummins

Large investors have recently bought and sold shares of the business. Frank Rimerman Advisors LLC grew its stake in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares in the last quarter. Financial Consulate Inc. boosted its holdings in Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares during the period. ICW Investment Advisors LLC grew its stake in Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares in the last quarter. Gilbert & Cook Inc. increased its holdings in Cummins by 1.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its position in Cummins by 2.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

About Cummins

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.