Morgan Stanley Lowers Cummins (NYSE:CMI) Price Target to $262.00

Cummins (NYSE:CMIGet Rating) had its price objective cut by stock analysts at Morgan Stanley from $264.00 to $262.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 11.23% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. UBS Group lifted their target price on Cummins to $247.00 in a report on Wednesday, November 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on Cummins from $221.00 to $225.00 and gave the stock a “hold” rating in a research note on Thursday, October 13th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, January 10th. Credit Suisse Group upped their target price on Cummins from $266.00 to $304.00 and gave the company an “outperform” rating in a research note on Friday, November 4th. Finally, Citigroup upped their target price on Cummins to $270.00 in a report on Tuesday, November 15th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $254.00.

Cummins Price Performance

Shares of Cummins stock opened at $235.55 on Friday. The stock’s 50-day simple moving average is $244.56 and its 200-day simple moving average is $227.85. Cummins has a 52 week low of $184.27 and a 52 week high of $254.47. The company has a market capitalization of $33.22 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 1.34 and a beta of 1.04. The company has a quick ratio of 0.84, a current ratio of 1.37 and a debt-to-equity ratio of 0.58.

Cummins (NYSE:CMIGet Rating) last issued its earnings results on Thursday, November 3rd. The company reported $3.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($1.67). Cummins had a return on equity of 22.48% and a net margin of 7.32%. The firm had revenue of $7.33 billion during the quarter, compared to the consensus estimate of $6.96 billion. As a group, analysts expect that Cummins will post 16.94 earnings per share for the current fiscal year.

Insider Activity at Cummins

In related news, Director Leo Allen Bruno V. Di sold 950 shares of the business’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $250.30, for a total value of $237,785.00. Following the completion of the sale, the director now directly owns 7,431 shares of the company’s stock, valued at $1,859,979.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 1,060 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $234.86, for a total value of $248,951.60. Following the completion of the sale, the vice president now directly owns 16,348 shares of the company’s stock, valued at $3,839,491.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Leo Allen Bruno V. Di sold 950 shares of the company’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $250.30, for a total transaction of $237,785.00. Following the completion of the sale, the director now directly owns 7,431 shares of the company’s stock, valued at $1,859,979.30. The disclosure for this sale can be found here. Insiders sold a total of 105,348 shares of company stock valued at $26,034,039 over the last ninety days. Insiders own 1.05% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of institutional investors and hedge funds have recently made changes to their positions in CMI. Price T Rowe Associates Inc. MD raised its holdings in shares of Cummins by 39.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,240,383 shares of the company’s stock valued at $1,067,213,000 after buying an additional 1,484,171 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Cummins by 48.8% during the third quarter. First Trust Advisors LP now owns 2,033,702 shares of the company’s stock worth $413,878,000 after acquiring an additional 666,567 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Cummins by 69.6% during the third quarter. Neuberger Berman Group LLC now owns 1,221,941 shares of the company’s stock worth $248,698,000 after acquiring an additional 501,499 shares during the period. Castleview Partners LLC increased its stake in shares of Cummins by 18,796.4% during the second quarter. Castleview Partners LLC now owns 432,539 shares of the company’s stock worth $2,235,000 after acquiring an additional 430,250 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Cummins by 151.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,542 shares of the company’s stock worth $73,260,000 after acquiring an additional 228,142 shares during the period. 80.94% of the stock is owned by hedge funds and other institutional investors.

About Cummins

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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