Cummins (NYSE:CMI) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Cummins (NYSE:CMI) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday.

Several other research analysts also recently weighed in on the stock. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Robert W. Baird increased their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $374.25.

Cummins Stock Up 1.6 %

CMI stock opened at $366.55 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins has a 12 month low of $226.52 and a 12 month high of $387.90. The firm has a market capitalization of $50.28 billion, a PE ratio of 24.21, a P/E/G ratio of 1.61 and a beta of 1.01. The company’s 50 day simple moving average is $362.91 and its 200-day simple moving average is $326.45.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating 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 analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the firm earned $4.73 EPS. Cummins’s quarterly revenue was up .3% on a year-over-year basis. Equities analysts expect that Cummins will post 20.75 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last ninety days. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its holdings in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% in the third 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 in the last quarter. Pathway Financial Advisers LLC raised its stake in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

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.