Cummins (NYSE:CMI) Price Target Cut to $720.00 by Analysts at Freedom Broker

Key Points

• Freedom Broker lowered its Cummins price target from $800 to $720 but maintained a “buy” rating; the new target implies about 55% upside from the stock’s $464.64 price.
• Analyst opinion is mixed: MarketBeat reports a “Moderate Buy” consensus from 13 Buy and six Hold ratings, with an average price target of $661.72.
• Cummins beat quarterly EPS estimates ($8.25 versus $8.20) and reported 13.5% year-over-year revenue growth, though revenue of $9.44 billion fell short of expectations.

Cummins (NYSE:CMI - Get Free Report) had its price objective cut by Freedom Broker from $800.00 to $720.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Freedom Broker's target price would suggest a potential upside of 54.96% from the company's current price.

Several other analysts have also issued reports on CMI. DA Davidson upped 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. JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $600.00 to $465.00 and set a "neutral" rating for the company in a research report on Friday, November 6th. CICC Research initiated coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an "outperform" rating and a $781.00 price objective on the stock. Weiss Ratings cut shares of Cummins from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday. Finally, Barclays cut their target price on shares of Cummins from $675.00 to $600.00 and set an "overweight" rating for the company in a research note on Monday. Thirteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and an average price target of $661.72.

Cummins Stock Up 2.3%

NYSE CMI traded up $10.46 during trading hours on Wednesday, hitting $464.64. 1,097,440 shares of the company traded hands, compared to its average volume of 1,032,813. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.13 and a current ratio of 1.74. The business's 50-day moving average is $522.29 and its 200-day moving average is $598.38. The stock has a market capitalization of $63.96 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 1.24 and a beta of 1.26. Cummins has a twelve month low of $443.62 and a twelve month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.20 by $0.05. The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business's revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.59 EPS. Sell-side analysts anticipate that Cummins will post 29.83 earnings per share for the current year.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Persistent Asset Partners Ltd acquired a new position in shares of Cummins in the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock valued at $33,000 after purchasing an additional 22 shares during the period. Cornerstone Financial Management LLC boosted its stake in Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock valued at $45,000 after purchasing an additional 25 shares during the period. Balance Wealth Partners LLC acquired a new position in Cummins in the 3rd quarter valued at $32,000. Finally, Dunhill Financial LLC acquired a new position in Cummins in the 2nd quarter valued at $46,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.