Cummins (NYSE:CMI) Given New $387.00 Price Target at Barclays

Cummins (NYSE:CMI - Get Free Report) had its target price raised by stock analysts at Barclays from $381.00 to $387.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's target price indicates a potential upside of 10.39% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. Citigroup restated a "buy" rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $361.92.

Cummins Stock Up 0.0%

Shares of Cummins stock traded up $0.18 during trading hours on Monday, hitting $350.58. The company had a trading volume of 90,437 shares, compared to its average volume of 773,357. The company's 50-day moving average is $327.72 and its two-hundred day moving average is $330.63. Cummins has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $48.30 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the prior year, the business posted $5.08 EPS. The company's revenue for the quarter was down 2.7% on a year-over-year basis. Analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were purchased 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 owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of Cummins

A number of hedge funds have recently made changes to their positions in CMI. FMR LLC boosted its holdings in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after purchasing an additional 67,266 shares during the period. Fayez Sarofim & Co boosted its holdings in Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI boosted its holdings in 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 purchasing an additional 3,298 shares during the period. Alpha Cubed Investments LLC acquired a new position in Cummins in the first quarter worth $440,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Cummins by 8.9% in 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 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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