Cummins (NYSE:CMI) Price Target Cut to $630.00 by Analysts at Citigroup

Cummins (NYSE:CMI) had its price objective reduced by research analysts at Citigroup from $790.00 to $630.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 19.51% from the stock’s previous close.

A number of other brokerages also recently issued reports on CMI. Wells Fargo & Company dropped their price target on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial decreased their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Bank of America lowered their target price on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, UBS Group lowered their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Trading Up 0.7%

Shares of Cummins stock traded up $3.75 during midday trading on Monday, reaching $527.13. The company had a trading volume of 972,969 shares, compared to its average volume of 985,479. The stock has a fifty day moving average price of $567.50 and a 200 day moving average price of $620.81. 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 firm has a market cap of $72.57 billion, a PE ratio of 26.94, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins has a fifty-two week low of $400.72 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate 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 revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.43 earnings per share. On average, equities analysts anticipate that Cummins will post 30.13 earnings per share for the current year.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC grew its stake in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Cummins during the second quarter valued at approximately $26,000. Key Financial Inc raised its position in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. Elevation Wealth Partners LLC raised its position in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares during the period. Finally, Steph & Co. raised its position in shares of Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company’s stock worth $36,000 after purchasing an additional 35 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.