JPMorgan Chase & Co. Has Lowered Expectations for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $600.00 to $465.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 3.20% from the stock’s previous close.

Several other analysts also recently weighed in on CMI. CICC Research assumed coverage on shares of Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective on the stock. UBS Group decreased their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Bank of America dropped their price target on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Truist Financial cut their price target on Cummins from $779.00 to $637.00 and set a “buy” rating on the stock in a report on Friday. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $666.59.

Cummins Price Performance

Shares of CMI opened at $450.56 on Friday. Cummins has a 12 month low of $443.62 and a 12 month high of $737.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.74 and a quick ratio of 1.13. The stock has a fifty day moving average price of $526.45 and a 200 day moving average price of $599.60. The company has a market cap of $62.02 billion, a P/E ratio of 18.80, a PEG ratio of 1.19 and a beta of 1.26.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.20 by $0.05. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. During the same quarter in the previous year, the company posted $5.59 earnings per share. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, research analysts forecast that Cummins will post 29.98 earnings per share for the current year.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

A number of institutional investors have recently made changes to their positions in the stock. Phoenix Financial Ltd. lifted its position in Cummins by 18.2% in the third quarter. Phoenix Financial Ltd. now owns 1,723 shares of the company’s stock worth $890,000 after purchasing an additional 265 shares during the period. Danske Bank A S increased its position in shares of Cummins by 25.5% during the 3rd quarter. Danske Bank A S now owns 166,560 shares of the company’s stock valued at $86,040,000 after purchasing an additional 33,816 shares during the period. Ibex Wealth Advisors increased its position in shares of Cummins by 95.0% during the 3rd quarter. Ibex Wealth Advisors now owns 774 shares of the company’s stock valued at $400,000 after purchasing an additional 377 shares during the period. Vista Capital Partners Inc. bought a new stake in shares of Cummins in the 3rd quarter worth $823,000. Finally, Aberdeen Group plc raised its stake in shares of Cummins by 29.6% in the 3rd quarter. Aberdeen Group plc now owns 231,286 shares of the company’s stock worth $119,475,000 after buying an additional 52,884 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

About Cummins

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.