Citigroup Increases Cummins (NYSE:CMI) Price Target to $360.00

Cummins (NYSE:CMI - Get Free Report) had its price target hoisted by stock analysts at Citigroup from $350.00 to $360.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 11.17% from the stock's current price.

CMI has been the topic of several other reports. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cummins has a consensus rating of "Hold" and an average target price of $358.08.

Cummins Stock Performance

Shares of NYSE CMI traded up $7.47 during mid-day trading on Tuesday, reaching $323.81. 149,832 shares of the company were exchanged, compared to its average volume of 774,445. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90. The company's 50-day simple moving average is $311.69 and its 200-day simple moving average is $333.86. The stock has a market capitalization of $44.61 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.89 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm posted $5.08 earnings per share. As a group, research analysts predict that Cummins will post 22.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CMI. FMR LLC lifted its position in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co lifted its position in shares of Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after acquiring an additional 3,440 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after purchasing an additional 6,107 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

About Cummins

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.

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