Cummins (NYSE:CMI) Given New $415.00 Price Target at Citigroup

Cummins (NYSE:CMI) had its target price hoisted by analysts at Citigroup from $375.00 to $415.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 15.26% from the company’s previous close.

Several other research analysts have also recently weighed in on CMI. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Finally, Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $337.67.

Cummins Stock Down 0.5 %

Shares of NYSE CMI traded down $1.81 during trading on Wednesday, reaching $360.05. The company had a trading volume of 82,672 shares, compared to its average volume of 1,465,703. Cummins has a 12-month low of $220.02 and a 12-month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business’s 50-day moving average is $331.59 and its 200 day moving average is $302.93. The stock has a market cap of $49.39 billion, a PE ratio of 23.77, a P/E/G ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business earned $4.73 EPS. As a group, equities analysts forecast that Cummins will post 20.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,576 shares of company stock valued at $9,033,945. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter worth about $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter worth approximately $31,000. Finally, Prospera Private Wealth LLC bought a new position in Cummins in the 3rd quarter worth approximately $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.