Cummins (NYSE:CMI) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Cummins (NYSE:CMI) from a buy rating to a strong-buy rating in a report released on Wednesday morning.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Robert W. Baird lifted their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $374.25.

Cummins Price Performance

Shares of CMI stock opened at $365.76 on Wednesday. The firm has a market cap of $50.17 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins has a fifty-two week low of $234.04 and a fifty-two week high of $387.90. The business’s 50 day moving average price is $363.73 and its 200-day moving average price is $329.56. 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 (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company earned $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins will post 21.92 earnings per share for the current year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last quarter. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CMI. Bank of Montreal Can raised its stake in shares of Cummins by 18.6% in the second quarter. Bank of Montreal Can now owns 323,218 shares of the company’s stock worth $92,020,000 after purchasing an additional 50,762 shares during the last quarter. Marshall Wace LLP increased its position in Cummins by 158.8% during the second quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock valued at $15,034,000 after acquiring an additional 33,314 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Cummins by 54.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 26,199 shares of the company’s stock valued at $7,255,000 after acquiring an additional 9,276 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in Cummins by 452.8% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,731 shares of the company’s stock valued at $756,000 after acquiring an additional 2,237 shares during the last quarter. Finally, AXA S.A. increased its position in Cummins by 247.5% during the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.