Cummins (NYSE:CMI) Price Target Lowered to $320.00 at Citigroup

Cummins (NYSE:CMI - Get Free Report) had its price target reduced by Citigroup from $360.00 to $320.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target would suggest a potential upside of 11.89% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $354.17.

Cummins Stock Up 1.5 %

Shares of NYSE CMI traded up $4.25 on Tuesday, hitting $286.00. The company had a trading volume of 722,702 shares, compared to its average volume of 813,958. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a market capitalization of $39.40 billion, a P/E ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07. The business has a 50 day moving average of $335.61 and a two-hundred day moving average of $346.83.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.14 EPS. As a group, equities research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently modified their holdings of the business. Centiva Capital LP bought a new position in Cummins in the third quarter worth about $205,000. Wellington Management Group LLP lifted its holdings in shares of Cummins by 51.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company's stock worth $1,389,000 after purchasing an additional 1,462 shares during the last quarter. EP Wealth Advisors LLC boosted its position in Cummins by 80.7% during the 3rd quarter. EP Wealth Advisors LLC now owns 3,390 shares of the company's stock valued at $1,097,000 after purchasing an additional 1,514 shares during the period. Zacks Investment Management grew its stake in Cummins by 61.6% during the 3rd quarter. Zacks Investment Management now owns 2,375 shares of the company's stock worth $769,000 after buying an additional 905 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in Cummins by 7.7% in the third quarter. Orion Portfolio Solutions LLC now owns 10,748 shares of the company's stock worth $3,480,000 after buying an additional 770 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

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.