Citigroup Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price objective reduced by stock analysts at Citigroup from $430.00 to $360.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 14.25% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. UBS Group dropped their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Robert W. Baird raised their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Finally, Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $383.67.

Cummins Stock Performance

NYSE CMI opened at $315.09 on Monday. The business’s 50 day moving average price is $350.07 and its 200-day moving average price is $349.00. Cummins has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a market cap of $43.32 billion, a P/E ratio of 11.19, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

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

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently modified their holdings of CMI. Vanguard Group Inc. raised its position in Cummins by 1.5% in the fourth 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 during the period. State Street Corp boosted its position in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Geode Capital Management LLC increased its holdings in Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. Finally, Northern Trust Corp lifted its stake in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.