Raymond James Financial Raises Cummins (NYSE:CMI) Price Target to $675.00

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

CMI has been the subject of a number of other reports. Wells Fargo & Company upped their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Barclays upped their price objective on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Argus lifted their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Finally, Citigroup increased their target price on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $580.73.

Cummins Price Performance

Shares of NYSE:CMI opened at $577.15 on Monday. Cummins has a 1 year low of $260.02 and a 1 year high of $617.98. The business has a fifty day simple moving average of $541.01 and a 200 day simple moving average of $462.70. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a market cap of $79.67 billion, a price-to-earnings ratio of 28.13, a P/E/G ratio of 2.03 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company earned $5.16 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins will post 22.54 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated 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 completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.41% of the company’s stock.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently bought and sold shares of CMI. Vanguard Group Inc. increased its holdings in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. State Street Corp boosted its position in Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during 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.