Cummins (NYSE:CMI) Price Target Cut to $675.00 by Analysts at Barclays

Cummins (NYSE:CMI) had its price objective lowered by equities research analysts at Barclays from $760.00 to $675.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 28.37% from the stock’s previous close.

A number of other brokerages also recently issued reports on CMI. UBS Group reduced their price objective on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. JPMorgan Chase & Co. dropped their target price on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 23rd. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Truist Financial cut their target price on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $703.18.

Cummins Stock Down 1.0%

Shares of NYSE CMI traded down $5.50 during trading on Monday, hitting $525.83. The stock had a trading volume of 830,889 shares, compared to its average volume of 991,328. Cummins has a 12 month low of $407.57 and a 12 month high of $737.76. 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 company has a market capitalization of $72.39 billion, a PE ratio of 26.89, a PEG ratio of 1.40 and a beta of 1.24. The firm has a fifty day moving average of $555.86 and a two-hundred day moving average of $620.62.

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). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Cummins will post 29.98 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CMI. Persistent Asset Partners Ltd bought a new stake in shares of Cummins in the 2nd quarter worth approximately $26,000. Elevation Wealth Partners LLC grew its holdings in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Key Financial Inc grew its holdings in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the period. Finally, Cornerstone Financial Management LLC grew its holdings in Cummins by 65.8% during the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after purchasing an additional 25 shares during the period. 83.46% of the stock is owned by institutional investors.

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.