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

Cummins (NYSE:CMI) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $420.00 to $375.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.60% from the stock’s current price.

CMI has been the subject of several other research reports. Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, Barclays raised 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. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Performance

Cummins stock opened at $327.24 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a fifty day moving average of $357.35 and a two-hundred day moving average of $347.20. The company has a market capitalization of $44.99 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.19 and a beta of 1.01. Cummins has a fifty-two week low of $261.51 and a fifty-two week high of $387.90.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Chancellor Financial Group WB LP acquired a new position in shares of Cummins during the fourth quarter worth about $1,275,000. 111 Capital purchased a new stake in shares of Cummins during the fourth quarter worth about $474,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Cummins by 34.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,397 shares of the company’s stock worth $8,156,000 after acquiring an additional 6,042 shares during the last quarter. Siemens Fonds Invest GmbH increased its position in shares of Cummins by 9.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,433 shares of the company’s stock worth $1,545,000 after acquiring an additional 398 shares during the last quarter. Finally, Cim LLC purchased a new stake in shares of Cummins during the fourth quarter worth about $1,532,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.