Cummins (NYSE:CMI – Get Free Report) had its price objective decreased by research analysts at Wells Fargo & Company from $760.00 to $608.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 17.36% from the stock’s current price.
CMI has been the topic of several other research reports. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. CICC Research began coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price on the stock. Bank of America cut their target price on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, UBS Group decreased their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $694.24.
View Our Latest Stock Analysis on CMI
Cummins Trading Up 0.1%
NYSE:CMI opened at $518.06 on Monday. Cummins has a 12-month low of $413.98 and a 12-month high of $737.76. The firm has a market capitalization of $71.32 billion, a P/E ratio of 26.58, a P/E/G ratio of 1.37 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business has a 50 day simple moving average of $545.26 and a 200 day simple moving average of $619.89.
Cummins (NYSE:CMI – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.43 earnings per share. Equities research analysts predict that Cummins will post 29.98 EPS for the current year.
Insider Activity at Cummins
In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.
Institutional Trading of Cummins
A number of institutional investors have recently added to or reduced their stakes in CMI. BlackRock Inc. bought a new position in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins during the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp acquired a new position in Cummins during the second quarter valued at approximately $973,198,000. Robeco Institutional Asset Management B.V. raised its position in shares of Cummins by 6.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock valued at $530,405,000 after purchasing an additional 62,107 shares during the period. Finally, Legal & General Group Plc bought a new position in shares of Cummins in the second quarter valued at approximately $666,635,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
About Cummins
Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.
Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.
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