JPMorgan Chase & Co. Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price objective decreased by equities researchers at JPMorgan Chase & Co. from $600.00 to $465.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 3.20% from the company’s current price.

Several other equities analysts have also recently issued reports on CMI. Citigroup decreased their price objective on Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a research note on Friday. Barclays cut their target price on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Bank of America reduced their target price on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. UBS Group decreased their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Finally, Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, November 2nd. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $666.59.

Cummins Stock Up 0.1%

Cummins stock opened at $450.56 on Friday. Cummins has a twelve month low of $443.62 and a twelve month high of $737.76. The stock’s fifty day simple moving average is $526.45 and its 200-day simple moving average is $599.60. The company has a current ratio of 1.74, a quick ratio of 1.13 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $62.02 billion, a P/E ratio of 18.80, a P/E/G ratio of 1.19 and a beta of 1.26.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The firm 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. Cummins’s revenue was up 13.5% compared to the same quarter last year. As a group, equities analysts expect that Cummins will post 29.98 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cummins

Institutional investors have recently added to or reduced their stakes in the business. Phoenix Financial Ltd. grew its stake in shares of Cummins by 18.2% during the 3rd quarter. Phoenix Financial Ltd. now owns 1,723 shares of the company’s stock valued at $890,000 after buying an additional 265 shares during the period. Danske Bank A S increased its position in shares of Cummins by 25.5% in the third quarter. Danske Bank A S now owns 166,560 shares of the company’s stock worth $86,040,000 after acquiring an additional 33,816 shares in the last quarter. Ibex Wealth Advisors raised its stake in shares of Cummins by 95.0% in the 3rd quarter. Ibex Wealth Advisors now owns 774 shares of the company’s stock valued at $400,000 after acquiring an additional 377 shares during the period. Vista Capital Partners Inc. purchased a new position in shares of Cummins in the 3rd quarter valued at $823,000. Finally, Aberdeen Group plc lifted its holdings in shares of Cummins by 29.6% during the 3rd quarter. Aberdeen Group plc now owns 231,286 shares of the company’s stock valued at $119,475,000 after acquiring an additional 52,884 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.