Cummins (NYSE:CMI) Price Target Cut to $360.00 by Analysts at Citigroup

Cummins (NYSE:CMI) had its price target reduced by equities research analysts at Citigroup from $430.00 to $360.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 16.33% from the stock’s current price.

CMI has been the topic of a number of other reports. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. cut their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $383.67.

Cummins Price Performance

Shares of CMI traded down $4.55 during mid-day trading on Monday, reaching $309.47. 158,030 shares of the stock traded hands, compared to its average volume of 800,885. The company has a market cap of $42.55 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a fifty day moving average price of $352.17 and a 200 day moving average price of $348.80. Cummins has a 1 year low of $261.51 and a 1 year high of $387.90.

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

Institutional Trading of Cummins

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

About Cummins

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.