Cummins (NYSE:CMI) Upgraded to “Neutral” at Bank of America

Cummins (NYSE:CMI) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $358.00 target price on the stock, up from their previous target price of $354.00. Bank of America‘s target price points to a potential downside of 0.78% from the company’s current price.

Other analysts also recently issued research reports about the stock. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Citigroup raised their price objective on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $374.58.

Cummins Stock Performance

NYSE:CMI opened at $360.80 on Tuesday. The company has a market capitalization of $49.49 billion, a PE ratio of 23.83, a P/E/G ratio of 1.78 and a beta of 0.99. The company has a 50 day simple moving average of $362.62 and a two-hundred day simple moving average of $325.60. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.73 EPS. Research analysts anticipate that Cummins will post 20.75 earnings per share for the current year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently made changes to their positions in CMI. Pathway Financial Advisers LLC raised its stake in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC raised its stake in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the period. Renaissance Technologies LLC purchased a new stake in Cummins in the 2nd quarter worth about $46,607,000. Fisher Asset Management LLC increased its holdings in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Finally, AXA S.A. increased its holdings in Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after acquiring an additional 163,129 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

About Cummins

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.