Cummins (NYSE:CMI) Price Target Lowered to $375.00 at JPMorgan Chase & Co.

Cummins (NYSE:CMI) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $420.00 to $375.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 14.99% from the stock’s previous close.

CMI has been the topic of a number of other reports. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $388.55.

Cummins Stock Performance

Shares of NYSE:CMI opened at $326.13 on Tuesday. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business’s fifty day moving average price is $358.75 and its two-hundred day moving average price is $347.28. Cummins has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $4.14 EPS. As a group, analysts predict that Cummins will post 22.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Cummins by 34.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,397 shares of the company’s stock valued at $8,156,000 after buying an additional 6,042 shares during the period. Siemens Fonds Invest GmbH raised its position in shares of Cummins by 9.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 4,433 shares of the company’s stock valued at $1,545,000 after acquiring an additional 398 shares during the period. Cim LLC acquired a new position in Cummins during the fourth quarter valued at approximately $1,532,000. Park Square Financial Group LLC bought a new stake in Cummins in the fourth quarter valued at approximately $45,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Cummins in the fourth quarter worth $45,015,000. Institutional investors and hedge funds 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.