Morgan Stanley Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI - Get Free Report) had its target price increased by stock analysts at Morgan Stanley from $340.00 to $350.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price target indicates a potential upside of 16.18% from the company's previous close.

CMI has been the topic of several other research reports. Robert W. Baird dropped their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Citigroup decreased their target price on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $347.69.

Cummins Stock Performance

CMI stock traded down $1.04 on Tuesday, hitting $301.27. The company had a trading volume of 129,564 shares, compared to its average volume of 804,753. Cummins has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $41.50 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 2.19 and a beta of 1.02. The stock's 50-day simple moving average is $309.16 and its 200 day simple moving average is $342.27.

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

Institutional Trading of Cummins

Several institutional investors have recently modified their holdings of the company. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in Cummins in the 4th quarter valued at $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins during the 4th quarter valued at $28,000. Institutional investors and hedge funds 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.

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