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

Cummins (NYSE:CMI) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Wednesday.

CMI has been the topic of a number of other reports. Truist Financial lifted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI lifted their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $324.83.

Cummins Price Performance

NYSE CMI opened at $354.72 on Wednesday. The company has a 50-day moving average price of $321.21 and a two-hundred day moving average price of $298.27. Cummins has a 52 week low of $214.57 and a 52 week high of $370.21. The stock has a market cap of $48.61 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.73 EPS. Analysts forecast that Cummins will post 19.96 EPS for the current year.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cummins

Several large investors have recently made changes to their positions in the company. Cultivar Capital Inc. acquired a new stake in Cummins in the second quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the third quarter worth $34,000. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.