Cummins (NYSE:CMI) Stock Price Expected to Rise, Citigroup Analyst Says

Cummins (NYSE:CMI - Get Free Report) had its price objective hoisted by stock analysts at Citigroup from $320.00 to $350.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 5.56% from the company's current price.

Several other analysts also recently issued reports on the company. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $354.83.

Cummins Price Performance

CMI traded down $1.28 on Monday, reaching $331.55. The company had a trading volume of 122,188 shares, compared to its average volume of 807,609. Cummins has a one year low of $260.02 and a one year high of $387.90. The company has a market capitalization of $45.67 billion, a P/E ratio of 11.77, a PEG ratio of 2.19 and a beta of 1.02. The company has a fifty day moving average of $303.97 and a 200-day moving average of $341.37. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the company earned $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins will post 22.54 earnings per share for the current year.

Institutional Investors Weigh In On Cummins

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Cummins during the 4th quarter worth approximately $499,490,000. GAMMA Investing LLC grew its position in shares of Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. increased its stake in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after purchasing an additional 817,384 shares in the last quarter. Nuveen LLC acquired a new stake in Cummins during the 1st quarter worth approximately $109,120,000. Finally, Vanguard Group Inc. lifted its stake in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Institutional investors 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.