Raymond James Financial Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI) had its target price raised by analysts at Raymond James Financial from $585.00 to $675.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James Financial’s target price indicates a potential upside of 16.95% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Citigroup boosted their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a report on Monday, January 26th. Morgan Stanley reissued an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday. Wells Fargo & Company boosted their price objective on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research report on Friday. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $580.73.

Cummins Trading Up 6.8%

Shares of NYSE CMI opened at $577.15 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $541.01 and its two-hundred day moving average price is $462.70. Cummins has a 52-week low of $260.02 and a 52-week high of $617.98. The stock has a market capitalization of $79.67 billion, a P/E ratio of 28.13, a PEG ratio of 2.03 and a beta of 1.13.

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

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Cummins

A number of large investors have recently added to or reduced their stakes in CMI. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Activest Wealth Management raised its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Flagship Wealth Advisors LLC purchased a new stake in Cummins in the 3rd quarter worth about $28,000. Ares Financial Consulting LLC acquired a new stake in Cummins during the 4th quarter worth about $29,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the 2nd quarter valued at about $31,000. 83.46% of the stock is currently owned by institutional investors.

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.