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

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

Several other analysts have also recently commented on CMI. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup cut their price objective on shares of Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a research note on Friday. Evercore cut their price objective on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, Bank of America decreased their target price on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $666.59.

Cummins Stock Up 0.1%

Shares of CMI stock opened at $450.56 on Friday. Cummins has a fifty-two week low of $443.62 and a fifty-two week high of $737.76. The firm has a market capitalization of $62.02 billion, a PE ratio of 18.80, a P/E/G ratio of 1.19 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.13 and a current ratio of 1.74. The stock’s 50-day simple moving average is $526.45 and its 200-day simple moving average is $599.60.

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

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of hedge funds and other institutional investors have recently made changes to their positions in CMI. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares during the last quarter. Guardian Partners Inc. boosted its holdings in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the period. Legacy Financial Advisors Inc. grew its position in shares of Cummins by 2.0% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after buying an additional 19 shares during the last quarter. Sage Private Wealth Group LLC grew its position in shares of Cummins by 3.0% during the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock valued at $341,000 after buying an additional 19 shares during the last quarter. Finally, Ariadne Wealth Management LP raised its stake in Cummins by 5.1% during the first quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock worth $223,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.