Cummins (NYSE:CMI) Price Target Cut to $600.00 by Analysts at Bank of America

Cummins (NYSE:CMI) had its price objective reduced by analysts at Bank of America from $731.00 to $600.00 in a research report issued on Thursday. Bank of America‘s price target indicates a potential upside of 15.71% from the company’s previous close.

CMI has been the topic of several other reports. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. UBS Group reduced their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Finally, Evercore cut their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Thirteen research 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $736.59.

Cummins Price Performance

Shares of CMI stock opened at $518.54 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins has a 12 month low of $400.72 and a 12 month high of $737.76. The stock has a 50-day moving average price of $597.46 and a 200 day moving average price of $622.66. The firm has a market cap of $71.38 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 1.42 and a beta of 1.23.

Cummins (NYSE:CMI) last issued 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 for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $6.43 EPS. Research analysts expect that Cummins will post 30.06 EPS for the current year.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was 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 $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. raised its holdings in shares of Cummins by 112.0% in the second quarter. QRG Capital Management Inc. now owns 120,855 shares of the company’s stock valued at $86,195,000 after purchasing an additional 63,839 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Cummins by 376.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,857 shares of the company’s stock valued at $12,023,000 after buying an additional 13,316 shares during the last quarter. Security National Bank of Sioux City Iowa IA boosted its stake in shares of Cummins by 15.9% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 6,781 shares of the company’s stock worth $4,836,000 after buying an additional 928 shares during the last quarter. SkyView Investment Advisors LLC grew its holdings in shares of Cummins by 14.0% in the second quarter. SkyView Investment Advisors LLC now owns 2,200 shares of the company’s stock valued at $1,569,000 after acquiring an additional 271 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in Cummins by 20.0% in the second quarter. Sequoia Financial Advisors LLC now owns 7,783 shares of the company’s stock worth $5,551,000 after purchasing an additional 1,296 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Company Profile

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.