Cummins (NYSE:CMI) Given New $350.00 Price Target at Morgan Stanley

Cummins (NYSE:CMI) had its price objective upped by research analysts at Morgan Stanley from $340.00 to $350.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 16.18% from the company’s current price.

Several other analysts also recently weighed in on the company. Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and dropped their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $347.69.

Cummins Price Performance

CMI stock traded down $1.04 during mid-day trading on Tuesday, reaching $301.27. 129,564 shares of the company traded hands, compared to its average volume of 804,753. The company has a fifty day moving average price of $309.16 and a 200-day moving average price of $342.27. The company has a market capitalization of $41.50 billion, a P/E ratio of 10.71, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the prior year, the business earned $5.08 EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, analysts anticipate that Cummins will post 22.54 earnings per share for the current year.

Institutional Trading of Cummins

Institutional investors have recently bought and sold shares of the company. Mariner Investment Group LLC bought a new stake in shares of Cummins during the 4th quarter worth $1,046,000. FMR LLC lifted its position in Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co raised its position in Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after purchasing an additional 3,440 shares during the last quarter. National Bank of Canada FI increased its stake in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after buying an additional 3,298 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.