Barclays Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price reduced by analysts at Barclays from $675.00 to $600.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 29.70% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Evercore decreased their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. UBS Group dropped their target price on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. JPMorgan Chase & Co. cut their price target on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a research note on Friday. Citigroup cut their price target on shares of Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a research note on Friday. Finally, DA Davidson increased their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $662.18.

Cummins Trading Up 2.8%

NYSE:CMI traded up $12.52 during trading hours on Monday, reaching $462.59. 178,150 shares of the stock were exchanged, compared to its average volume of 1,024,514. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average of $526.45 and a two-hundred day moving average of $599.60. Cummins has a twelve month low of $443.62 and a twelve month high of $737.76. The company has a market capitalization of $63.68 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 1.19 and a beta of 1.26.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping the consensus estimate of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. During the same period last year, the business posted $5.59 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. On average, equities analysts predict that Cummins will post 29.98 EPS for the current year.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The stock was 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 directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased 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 stake in Cummins in the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter worth approximately $973,198,000. Legal & General Group Plc purchased a new position in Cummins in the second quarter worth approximately $666,635,000. Finally, Vontobel Holding Ltd. grew its holdings in Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after acquiring an additional 546,613 shares in the last quarter. Hedge funds and other institutional investors 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.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.