JPMorgan Chase & Co. Issues Positive Forecast for Cummins (NYSE:CMI) Stock Price

Cummins (NYSE:CMI) had its target price hoisted by analysts at JPMorgan Chase & Co. from $485.00 to $580.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 3.13% from the stock’s current price.

Several other equities research analysts also recently weighed in on CMI. Barclays reissued a “positive” rating on shares of Cummins in a report on Friday, December 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research note on Monday, December 22nd. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Finally, Argus boosted their price objective on shares of Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $513.07.

Cummins Stock Down 0.9%

Shares of NYSE CMI traded down $5.04 during trading hours on Wednesday, hitting $562.40. 324,502 shares of the stock were exchanged, compared to its average volume of 745,212. The company has a market cap of $77.63 billion, a PE ratio of 29.20, a PEG ratio of 1.97 and a beta of 1.12. Cummins has a 12 month low of $260.02 and a 12 month high of $569.68. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The firm has a fifty day moving average price of $503.79 and a 200-day moving average price of $432.47.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $5.86 earnings per share. On average, sell-side analysts expect that Cummins will post 22.54 EPS for the current year.

Insider Activity

In other news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,330 shares of company stock worth $9,135,364 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the 4th quarter worth approximately $26,000. Goelzer Investment Management Inc. grew its position in Cummins by 9.9% in the fourth quarter. Goelzer Investment Management Inc. now owns 3,292 shares of the company’s stock worth $1,680,000 after acquiring an additional 297 shares during the period. Eastern Bank increased its stake in Cummins by 35.3% during the fourth quarter. Eastern Bank now owns 1,150 shares of the company’s stock worth $587,000 after acquiring an additional 300 shares during the last quarter. Woodward Diversified Capital LLC raised its position in Cummins by 6.2% in the fourth quarter. Woodward Diversified Capital LLC now owns 1,308 shares of the company’s stock valued at $668,000 after purchasing an additional 76 shares during the period. Finally, Waldron Private Wealth LLC purchased a new stake in Cummins in the fourth quarter valued at $309,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.