Cummins (NYSE:CMI) Stock Price Target Cut by Freedom Broker

Cummins (NYSE:CMI) had its target price dropped by Freedom Broker from $800.00 to $720.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Freedom Broker‘s price target indicates a potential upside of 54.96% from the stock’s current price.

A number of other analysts also recently weighed in on CMI. Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Citigroup cut their price objective on shares of Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price on the stock. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $661.72.

Cummins Stock Performance

Shares of CMI traded up $10.46 during mid-day trading on Wednesday, hitting $464.64. 1,097,440 shares of the company’s stock were exchanged, compared to its average volume of 1,032,813. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. Cummins has a 52 week low of $443.62 and a 52 week high of $737.76. The stock’s 50-day simple moving average is $522.29 and its 200-day simple moving average is $598.38. The firm has a market cap of $63.96 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.59 earnings per share. On average, equities research analysts expect that Cummins will post 29.83 EPS for the current year.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CMI. BlackRock Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins during the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter valued at approximately $973,198,000. Legal & General Group Plc bought a new position in Cummins in the 2nd quarter valued at approximately $666,635,000. Finally, Vontobel Holding Ltd. boosted its position in Cummins by 1,436.1% in the third quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after buying an additional 546,613 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.