Cummins (NYSE:CMI) Stock Price Target Cut by Wells Fargo & Company

Cummins (NYSE:CMI) had its target price cut by stock analysts at Wells Fargo & Company from $760.00 to $608.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.36% from the company’s current price.

CMI has been the subject of a number of other research reports. DA Davidson lifted their price objective on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Citigroup cut their price target on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday, October 12th. JPMorgan Chase & Co. lowered their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Performance

NYSE:CMI opened at $518.06 on Monday. The stock has a 50-day simple moving average of $545.26 and a two-hundred day simple moving average of $619.89. The firm has a market capitalization of $71.32 billion, a PE ratio of 26.58, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins has a 52-week low of $413.98 and a 52-week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its quarterly 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company earned $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts forecast that Cummins will post 29.98 EPS for the current year.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were 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 owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Cummins during the second quarter worth approximately $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins during the 2nd quarter worth $1,408,353,000. Bank of New York Mellon Corp acquired a new position in Cummins during the 2nd quarter worth $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins in the 2nd quarter worth about $666,635,000. Finally, Vontobel Holding Ltd. increased its position in shares of Cummins by 1,436.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after purchasing an additional 546,613 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

About Cummins

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

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.