Cummins (NYSE:CMI) Raised to Buy at Truist Financial

Cummins (NYSE:CMI) was upgraded by analysts at Truist Financial from a “hold” rating to a “buy” rating in a report released on Monday, MarketBeat reports. The brokerage currently has a $628.00 target price on the stock. Truist Financial’s price target points to a potential upside of 29.41% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Monday, November 17th. Citigroup raised their price target on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Finally, Barclays boosted their price objective on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $470.33.

Cummins Stock Up 2.7%

NYSE:CMI opened at $485.30 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average of $436.12 and a 200-day moving average of $383.27. The firm has a market capitalization of $66.99 billion, a PE ratio of 22.82, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Cummins has a 52 week low of $260.02 and a 52 week high of $490.34.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $5.86 EPS. Analysts predict that Cummins will post 22.54 EPS for the current year.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,960 shares of company stock valued at $15,715,060 over the last quarter. Insiders own 0.41% of the company’s stock.

Institutional Trading of Cummins

Several institutional investors have recently modified their holdings of CMI. Brighton Jones LLC lifted its holdings in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Cummins by 13.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 8,711 shares of the company’s stock worth $2,730,000 after purchasing an additional 1,005 shares in the last quarter. HB Wealth Management LLC lifted its stake in Cummins by 109.7% during the first quarter. HB Wealth Management LLC now owns 6,194 shares of the company’s stock valued at $1,942,000 after purchasing an additional 3,240 shares during the last quarter. LPL Financial LLC lifted its stake in Cummins by 5.1% during the first quarter. LPL Financial LLC now owns 351,780 shares of the company’s stock valued at $110,262,000 after purchasing an additional 17,118 shares during the last quarter. Finally, Prosperity Consulting Group LLC bought a new stake in Cummins during the first quarter worth approximately $240,000. Institutional investors and hedge funds 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.