Cummins (NYSE:CMI) Price Target Cut to $430.00 by Analysts at Citigroup

Cummins (NYSE:CMI - Free Report) had its price target cut by Citigroup from $435.00 to $430.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Truist Financial lifted their price objective on shares of Cummins from $369.00 to $424.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $374.17.

Cummins Stock Performance

Shares of Cummins stock traded up $2.99 during trading on Tuesday, reaching $364.06. The company's stock had a trading volume of 582,895 shares, compared to its average volume of 576,624. The company has a 50-day moving average price of $362.81 and a two-hundred day moving average price of $326.21. Cummins has a fifty-two week low of $226.52 and a fifty-two week high of $387.90. The firm has a market cap of $49.94 billion, a PE ratio of 24.05, a P/E/G ratio of 1.78 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.73 earnings per share. On average, analysts forecast that Cummins will post 20.75 EPS for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. lifted its stake in shares of Cummins by 54.6% during the fourth quarter. Armstrong Advisory Group Inc. now owns 566 shares of the company's stock valued at $197,000 after buying an additional 200 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Cummins by 18.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,238 shares of the company's stock worth $780,000 after purchasing an additional 356 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of Cummins by 29.7% during the fourth quarter. Park Avenue Securities LLC now owns 5,821 shares of the company's stock worth $2,029,000 after purchasing an additional 1,333 shares during the last quarter. Kathmere Capital Management LLC grew its position in shares of Cummins by 21.2% in the fourth quarter. Kathmere Capital Management LLC now owns 896 shares of the company's stock valued at $312,000 after purchasing an additional 157 shares during the period. Finally, Rockland Trust Co. increased its stake in Cummins by 32.6% in the fourth quarter. Rockland Trust Co. now owns 2,873 shares of the company's stock valued at $1,002,000 after purchasing an additional 706 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Company Profile

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.