StockNews.com Upgrades Cummins (NYSE:CMI) to “Strong-Buy”

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

A number of other research analysts have also issued reports on the company. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Eight 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $374.25.

Cummins Trading Up 0.2 %

CMI opened at $367.18 on Wednesday. Cummins has a 52 week low of $229.50 and a 52 week high of $387.90. The business has a fifty day simple moving average of $363.49 and a 200-day simple moving average of $328.85. The firm has a market cap of $50.37 billion, a P/E ratio of 24.25, a P/E/G ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate 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 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 earnings per share. On average, equities analysts expect 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 162 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several institutional investors have recently modified their holdings of the company. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new position in shares of Cummins during the 3rd quarter worth approximately $55,000. Finally, Friedenthal Financial acquired a new position in shares of Cummins during the 4th quarter worth approximately $55,000. 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.