Citigroup Issues Pessimistic Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its price target decreased by equities research analysts at Citigroup from $360.00 to $320.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 20.43% from the company’s current price.

Several other research firms have also recently commented on CMI. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and decreased their price target for the company from $400.00 to $240.00 in a report on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $359.75.

Cummins Stock Down 3.6 %

Shares of NYSE:CMI traded down $9.96 during mid-day trading on Tuesday, hitting $265.72. 1,235,169 shares of the company traded hands, compared to its average volume of 811,086. The firm’s 50 day simple moving average is $344.43 and its 200 day simple moving average is $348.70. The firm has a market cap of $36.60 billion, a P/E ratio of 9.43, a PEG ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for 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 business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.14 earnings per share. On average, equities analysts anticipate that Cummins will post 22.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC purchased a new position in Cummins during the 4th quarter valued at about $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.