Barclays Cuts Cummins (CMI) Price Target to $675
Key Points
- Barclays reiterated its Overweight rating on Cummins Inc. on October 19, 2026, lowering its price target to $675 from $760.
- Barclays's $675 price target implies 27.04% upside from Cummins Inc.'s ($CMI) current $531.33 share price.
- Cummins recently traded around $531.33 on October 19, 2026, down about 25.9% from its average analyst target.
- The heavy equipment maker generated $34.71 billion in trailing revenue with a 26.68 P/E ratio, and its next earnings report is set for November 5, 2026.
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Barclays maintained its Overweight rating on Cummins Inc. on October 19, 2026, while lowering its price target from $760 to $675. According to a research note released on the day of the trade, the firm kept its positive stance on the heavy machinery maker even as it trimmed its target.
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Cummins Inc.
Barclays vs. the S&P 500
Hypothetical returns from Barclays's disclosed trades, not real profit or advice. How we model this.
Barclays's Call on Cummins Inc.
On October 19, 2026, Barclays issued a research note keeping its Overweight rating on Cummins Inc. while reducing the price target to $675 from $760.
Other Institutional Activity in Cummins Inc.
Other big funds adjusted their stakes in Cummins recently. Fisher Asset Management, LLC grew its holdings by 98,268 shares, ending with 3,595,361 shares worth about $1.88 billion following a 2.8% increase reported for June 30, 2026.
Cummins Inc. Stock Holds Steady
Cummins Inc. shares closed at $522.13 on October 19, 2026. The stock recently traded around $531.33 on October 19, 2026, which is up about 1.8% from that event close. The shares sit below both their 50-day and 200-day moving averages, resting roughly 28.0% under their 52-week high of $737.76.
$CMI price target
Cummins Inc. daily closes and this analyst's $675 target. Not advice.
Recent Earnings
Cummins posted trailing twelve-month revenue of $34.71 billion and earnings of $19.57 per share. The industrial firm reported a net profit margin of 7.8% and a return on equity of 21.1%. Year-over-year revenue grew by 9.4%. The company's next earnings report is scheduled for November 5, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
7 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 9.0%. Revenue met estimates.
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Profit surprise
EBITDA missed by 39 percent. Operating income missed by 16 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
7 target raises.
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Earnings quality
Operating margin down 2.6 points. Positive free cash flow.
Earnings Call Summary
The quarter delivered $8.4 billion in revenue, up 3 percent year over year, with power generation strong but North America trucks still weak at the start. Management highlighted a major hybrid mining truck deployment in Chile and progress on new 2027 engines. They sold the low-pressure fuel cell business to Alstom, cutting future losses in the Accelera division. The strong finish to the quarter and improving orders lead management to expect the year to be much better, with better momentum in trucks and accelerating data center buildouts globally.
Guidance Cummins raised its full year revenue forecast to grow 8 to 11 percent, up from 3 to 8 percent prior. The company expects power generation revenue to jump 15 to 25 percent, driven by strong data center demand globally. North America truck production is forecast at 230,000 to 250,000 units for heavy-duty and 125,000 to 135,000 units for medium-duty, higher than previous expectations.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Cummins pays an annual dividend rate of $8.80 per share, giving it a dividend yield of 1.66%. The payout ratio stands at 40.9% of earnings.
Insider Buying and Selling at Cummins Inc.
Insiders were active earlier in the year. Officer Nathan R Stoner sold 607 shares on May 11, 2026, at $694.06 per share for a total of $421,294. Officer Jennifer Mary Bush sold 5,000 shares on May 12, 2026, valued at $3.48 million. Officer Donald G Jackson sold 730 shares on May 14, 2026, worth $518,975. Chief Technology Officer Earl Newsome Jr. sold 698 shares on August 24, 2026, at $572.22 per share for a total value of $399,410.
Analysts Set New Price Targets
Wall Street firms have adjusted targets recently ahead of Barclays's move. UBS maintained a Buy rating on September 30, 2026, lowering its target from $835 to $741. Truist Securities kept a Buy rating on October 5, 2026, cutting its target to $779 from $894. Wells Fargo maintained an Overweight rating on October 8, 2026, reducing its target from $874 to $760. Citigroup kept a Buy rating on October 12, 2026, lowering its target to $630 from $790. Overall, Cummins holds a consensus recommendation key of buy from 19 analysts, with a mean price target of $716.66.
About Cummins Inc.
Headquartered in Columbus, Indiana, Cummins Inc. designs and builds power solutions worldwide. The industrial manufacturer operates across engine, distribution, components, power systems, and zero-emission technology divisions, supplying diesel and natural gas power units along with drivetrain components for commercial vehicles.
Bottom Line
Investors will look to Cummins's upcoming earnings report on November 5, 2026, for fresh details on segment margins and demand. The stock continues to trade well below its average analyst target of $716.66.
Related Filing Alerts
Source: Barclays's rating change on $CMI (Oct 19, 2026). Written by software, not financial advice. How we make alerts