Cummins Inc. (NYSE:CMI) traded at a new 52-week high today of $257.36. This new high was reached on below average trading volume as 274,000 shares traded hands, while the average 30-day volume is approximately 1.1 million shares.
Cummins is a leading manufacturer of diesel engines used in commercial trucks, off-highway equipment, and railroad locomotives, along with diesel-powered electric generators. The firm’s revenue historically has been tied to the class 8 truck market, where, as the industry leader, it currently supplies 35% of engines. Cummins is in the unique position of competing with its primary customers, heavy-duty truck manufacturers who make and aggressively market their own engines. Despite robust competition across all its segments and ever-increasing government regulation of diesel emissions in the past three decades, Cummins has been able to grow its revenue to over $19 billion in 2020. Cummins is headquartered in Columbus, Indiana, where it was founded in 1919.
Over the past year, Cummins Inc. has traded in a range of $101.03 to $257.36 and is now at $257.26, 155% above that low.
Cummins Inc. (NYSE:CMI) is currently priced 3.5% above its average consensus analyst price target of $248.19.
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