Citigroup Cuts Cummins (NYSE:CMI) Price Target to $360.00

Cummins (NYSE:CMI - Get Free Report) had its price target lowered by analysts at Citigroup from $430.00 to $360.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 29.58% from the company's current price.

Several other brokerages have also weighed in on CMI. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. cut their target price on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research report on Tuesday, March 18th. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $383.67.

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Cummins Stock Performance

Shares of NYSE CMI traded down $17.53 during mid-day trading on Monday, reaching $277.82. 1,465,640 shares of the company's stock were exchanged, compared to its average volume of 807,653. The firm has a 50-day moving average price of $347.69 and a two-hundred day moving average price of $348.43. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 earnings per share. Analysts predict that Cummins will post 22.54 EPS for the current year.

Institutional Trading of Cummins

A number of large investors have recently modified their holdings of CMI. Vanguard Group Inc. lifted its position in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. State Street Corp lifted its holdings in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Geode Capital Management LLC grew its position in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

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.