Citigroup Boosts Cummins (NYSE:CMI) Price Target to $285.00

Cummins (NYSE:CMIFree Report) had its price objective boosted by Citigroup from $265.00 to $285.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently commented on CMI. StockNews.com cut shares of Cummins from a strong-buy rating to a buy rating in a research report on Saturday, December 16th. JPMorgan Chase & Co. lowered their target price on Cummins from $255.00 to $245.00 and set an underweight rating for the company in a report on Thursday, January 18th. TheStreet cut Cummins from an a- rating to a c+ rating in a report on Tuesday, February 6th. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They set an overweight rating and a $278.00 target price for the company. Finally, TD Cowen increased their target price on Cummins from $260.00 to $272.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has an average rating of Hold and a consensus target price of $261.11.

Read Our Latest Research Report on CMI

Cummins Price Performance

CMI opened at $256.83 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins has a 12 month low of $203.18 and a 12 month high of $265.28. The company has a fifty day simple moving average of $239.49 and a 200 day simple moving average of $233.15. The stock has a market cap of $36.40 billion, a P/E ratio of 49.58, a P/E/G ratio of 1.68 and a beta of 1.02.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the company earned $4.52 EPS. Cummins’s quarterly revenue was up 9.9% on a year-over-year basis. On average, research analysts expect that Cummins will post 18.64 EPS for the current year.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management acquired a new stake in shares of Cummins in the third quarter valued at about $25,000. First United Bank & Trust bought a new position in Cummins during the fourth quarter worth about $25,000. Private Wealth Management Group LLC bought a new position in Cummins during the fourth quarter worth about $26,000. Steward Financial Group LLC bought a new position in Cummins during the second quarter worth about $27,000. Finally, Silver Oak Securities Incorporated bought a new position in Cummins during the third quarter worth about $28,000. Institutional investors and hedge funds own 81.81% of the company’s stock.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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