Cummins (NYSE:CMI) Price Target Lowered to $430.00 at Citigroup

Cummins (NYSE:CMI) had its target price reduced by Citigroup from $435.00 to $430.00 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 19.18% from the stock’s current price.

CMI has been the subject of a number of other reports. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $374.17.

Cummins Trading Down 0.9 %

Shares of NYSE:CMI opened at $360.80 on Tuesday. The business’s 50-day moving average is $362.81 and its 200 day moving average is $326.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins has a 1 year low of $226.52 and a 1 year high of $387.90. The firm has a market capitalization of $49.49 billion, a P/E ratio of 23.83, a P/E/G ratio of 1.78 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the business posted $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts predict that Cummins will post 20.75 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Cummins during the third quarter worth approximately $55,000. Friedenthal Financial acquired a new position in Cummins in the 4th quarter valued at $55,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after purchasing an additional 35 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.