Citigroup Cuts Cummins (NYSE:CMI) Price Target to $430.00

Cummins (NYSE:CMIFree Report) had its target price decreased by Citigroup from $435.00 to $430.00 in a report released on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Finally, Truist Financial boosted their target price on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $374.25.

Check Out Our Latest Stock Analysis on Cummins

Cummins Price Performance

Shares of NYSE:CMI opened at $366.55 on Tuesday. The company’s fifty day moving average is $362.91 and its two-hundred day moving average is $326.45. The company has a market cap of $50.28 billion, a P/E ratio of 24.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. Cummins has a 12-month low of $226.52 and a 12-month high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the firm earned $4.73 earnings per share. Cummins’s quarterly revenue was up .3% on a year-over-year basis. Equities analysts expect that Cummins will post 20.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of large investors have recently added to or reduced their stakes in the stock. Chicago Capital LLC raised its position in shares of Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. grew its stake in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Bangor Savings Bank lifted its position in Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Finally, Graypoint LLC boosted its holdings in Cummins by 2.0% during the fourth quarter. Graypoint LLC now owns 1,874 shares of the company’s stock valued at $653,000 after acquiring an additional 36 shares during the period. Institutional investors own 83.46% of the company’s stock.

About Cummins

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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.

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Analyst Recommendations for Cummins (NYSE:CMI)

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