Cummins (NYSE:CMI) Given New $285.00 Price Target at Citigroup

Cummins (NYSE:CMIGet Free Report) had its price target increased by equities research analysts at Citigroup from $265.00 to $285.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 10.83% from the stock’s current price.

CMI has been the topic of a number of other reports. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 16th. Morgan Stanley began coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Cummins from $255.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, January 18th. Finally, Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $261.11.

Read Our Latest Research Report on Cummins

Cummins Stock Up 2.1 %

CMI traded up $5.36 during trading on Monday, reaching $257.14. 711,919 shares of the stock were exchanged, compared to its average volume of 831,568. Cummins has a twelve month low of $203.18 and a twelve month high of $265.28. The stock has a market cap of $36.45 billion, a P/E ratio of 49.50, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. The stock’s 50 day moving average price is $238.98 and its two-hundred day moving average price is $233.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned $4.52 EPS. Equities analysts expect that Cummins will post 18.64 EPS for the current year.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its holdings in Cummins by 89.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,031 shares of the company’s stock valued at $498,000 after buying an additional 960 shares during the last quarter. Kestra Private Wealth Services LLC grew its stake in Cummins by 6.8% in the second quarter. Kestra Private Wealth Services LLC now owns 3,926 shares of the company’s stock worth $962,000 after purchasing an additional 251 shares in the last quarter. Townsend & Associates Inc lifted its holdings in Cummins by 77.9% in the third quarter. Townsend & Associates Inc now owns 34,975 shares of the company’s stock worth $7,528,000 after acquiring an additional 15,320 shares during the last quarter. Epoch Investment Partners Inc. lifted its holdings in Cummins by 3.3% in the second quarter. Epoch Investment Partners Inc. now owns 471,959 shares of the company’s stock worth $115,705,000 after acquiring an additional 15,077 shares during the last quarter. Finally, RFG Advisory LLC raised its holdings in shares of Cummins by 1.7% during the second quarter. RFG Advisory LLC now owns 3,502 shares of the company’s stock valued at $859,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 81.81% of the company’s stock.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

Further Reading

Analyst Recommendations for Cummins (NYSE:CMI)

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