Citigroup Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price decreased by investment analysts at Citigroup from $435.00 to $430.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 17.63% from the stock’s current price.

Several other research firms have also issued reports on CMI. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Eight equities research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $374.17.

Cummins Trading Up 1.2 %

Shares of NYSE:CMI traded up $4.47 during trading on Tuesday, reaching $365.54. The company’s stock had a trading volume of 346,739 shares, compared to its average volume of 545,776. The stock has a market capitalization of $50.14 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99. Cummins has a 12 month low of $226.52 and a 12 month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm’s 50 day simple moving average is $362.62 and its two-hundred day simple moving average is $325.60.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 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 firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts predict that Cummins will post 20.75 EPS for the current fiscal year.

Insider Buying and Selling

In other Cummins 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 value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the 3rd quarter valued at about $34,000. Friedenthal Financial purchased a new stake in Cummins in the fourth quarter valued at about $55,000. Ashton Thomas Securities LLC acquired a new stake in Cummins in the third quarter worth about $55,000. Finally, Bangor Savings Bank grew its stake in shares of Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Institutional investors 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.