Cummins (NYSE:CMI) Price Target Lowered to $600.00 at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $690.00 to $600.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 13.99% from the stock’s current price.

A number of other brokerages have also recently commented on CMI. DA Davidson increased their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Raymond James Financial boosted their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Finally, UBS Group dropped their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $745.12.

Cummins Trading Down 1.6%

CMI stock opened at $526.38 on Wednesday. The firm has a market cap of $72.46 billion, a P/E ratio of 26.90, a PEG ratio of 1.45 and a beta of 1.23. Cummins has a 52-week low of $400.72 and a 52-week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company’s 50-day simple moving average is $600.29 and its 200-day simple moving average is $622.88.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $6.43 earnings per share. As a group, equities analysts forecast that Cummins will post 30.06 EPS for the current fiscal year.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several large investors have recently bought and sold shares of CMI. Wellington Management Group LLP raised its position in Cummins by 243.5% in the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after purchasing an additional 350,910 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Cummins in the fourth quarter valued at about $7,797,000. Raiffeisen Bank International AG boosted its stake in shares of Cummins by 55.1% during the second quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company’s stock worth $32,355,000 after buying an additional 16,623 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in Cummins by 26.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock valued at $58,012,000 after acquiring an additional 24,080 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Cummins in the 4th quarter valued at approximately $1,081,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

About Cummins

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.