JPMorgan Chase & Co. Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMIGet Free Report) had its target price cut by investment analysts at JPMorgan Chase & Co. from $420.00 to $375.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 14.99% from the company’s current price.

A number of other analysts have also commented on the company. Citigroup cut their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group boosted their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Evercore ISI raised their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $388.55.

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Cummins Price Performance

Shares of CMI opened at $326.13 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $44.84 billion, a PE ratio of 11.58, a P/E/G ratio of 2.19 and a beta of 1.01. The stock has a 50 day simple moving average of $358.75 and a 200 day simple moving average of $347.28. Cummins has a 52-week low of $261.51 and a 52-week high of $387.90.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating 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 company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts predict that Cummins will post 22.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently bought and sold shares of CMI. Vanguard Group Inc. increased its holdings in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. State Street Corp boosted its position in Cummins by 2.1% during the third 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 shares of Cummins by 2.6% in the fourth 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 shares of 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 shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after buying an additional 246,807 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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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.

Further Reading

Analyst Recommendations for Cummins (NYSE:CMI)

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