JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cummins (NYSE:CMI) Stock

Cummins (NYSE:CMI) had its price objective increased by research analysts at JPMorgan Chase & Co. from $308.00 to $320.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 5.60% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Evercore ISI upped their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Citigroup cut their price target on shares of Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Bank of America raised 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 research note on Tuesday, January 14th. Finally, Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $346.92.

Cummins Stock Performance

NYSE:CMI traded up $0.74 during mid-day trading on Tuesday, reaching $303.04. 73,521 shares of the stock were exchanged, compared to its average volume of 917,875. The company has a 50 day simple moving average of $309.16 and a 200-day simple moving average of $342.27. The stock has a market capitalization of $41.74 billion, a P/E ratio of 10.76, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 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 analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.08 earnings per share. Analysts anticipate that Cummins will post 22.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cummins

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

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.