Cummins (NYSE:CMI) Price Target Lowered to $419.00 at Evercore ISI

Cummins (NYSE:CMI) had its price objective dropped by investment analysts at Evercore ISI from $451.00 to $419.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 25.16% from the stock’s current price.

Several other research analysts have also recently issued reports on CMI. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and dropped their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup raised their price objective on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Morgan Stanley upped their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $352.17.

Cummins Stock Up 0.8%

Shares of Cummins stock opened at $334.78 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a market capitalization of $46.12 billion, a P/E ratio of 11.88, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a 50 day moving average of $304.05 and a 200 day moving average of $341.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the business earned $5.08 EPS. As a group, research analysts forecast that Cummins will post 22.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CMI. Avanza Fonder AB acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $84,000. Ameritas Advisory Services LLC raised its position in Cummins by 15.1% in the fourth quarter. Ameritas Advisory Services LLC now owns 3,192 shares of the company’s stock worth $1,113,000 after acquiring an additional 418 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in Cummins by 25.8% in the fourth quarter. Aaron Wealth Advisors LLC now owns 1,326 shares of the company’s stock valued at $462,000 after acquiring an additional 272 shares during the period. Artemis Investment Management LLP purchased a new stake in shares of Cummins during the 4th quarter worth $2,268,000. Finally, Kaydan Wealth Management Inc. acquired a new position in shares of Cummins during the 4th quarter worth $207,000. 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.