Cummins (NYSE:CMI) Price Target Raised to $580.00

Cummins (NYSE:CMI) had its price objective hoisted by JPMorgan Chase & Co. from $485.00 to $580.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

CMI has been the subject of several other research reports. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Raymond James Financial raised Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective for the company in a report on Monday, December 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Finally, Argus boosted their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $513.07.

Cummins Trading Up 0.9%

Shares of Cummins stock opened at $580.15 on Wednesday. The company’s 50-day moving average price is $510.68 and its 200-day moving average price is $436.14. The company has a market cap of $80.08 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 2.01 and a beta of 1.12. Cummins has a 12-month low of $260.02 and a 12-month high of $583.08. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the firm posted $5.86 EPS. Cummins’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts expect that Cummins will post 22.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of 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. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. State Street Corp increased its stake in shares of Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares during the period. Geode Capital Management LLC raised its holdings in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after buying an additional 43,720 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Finally, Norges Bank purchased a new stake in Cummins during the 2nd quarter valued at $505,941,000. 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.