JPMorgan Chase & Co. Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $420.00 to $375.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 14.60% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Finally, Barclays upped their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $389.50.

Cummins Price Performance

CMI stock opened at $327.24 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $44.99 billion, a PE ratio of 11.62, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins has a 12-month low of $261.51 and a 12-month high of $387.90. The business’s fifty day moving average price is $357.35 and its 200 day moving average price is $347.20.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 EPS. On average, sell-side analysts anticipate that Cummins will post 22.54 EPS for the current year.

Institutional Trading of Cummins

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Cummins during the 4th quarter worth approximately $499,490,000. Raymond James Financial Inc. purchased a new position in Cummins in the 4th quarter valued at approximately $187,082,000. Vanguard Group Inc. increased its stake in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Northern Trust Corp increased its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock valued at $224,317,000 after purchasing an additional 233,694 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

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.