Cummins (NYSE:CMI) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of Cummins (NYSE:CMI) from a buy rating to a hold rating in a report published on Friday morning.

Several other research analysts have also commented on the stock. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Up 3.0 %

NYSE:CMI opened at $322.24 on Friday. Cummins has a one year low of $261.51 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market cap of $44.30 billion, a P/E ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. The firm has a 50-day simple moving average of $359.39 and a 200-day simple moving average of $346.59.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.14 EPS. Equities analysts anticipate that Cummins will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Institutional Trading of Cummins

Large investors have recently made changes to their positions in the business. Global Trust Asset Management LLC boosted its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the fourth quarter worth $27,000. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new stake in Cummins during the fourth quarter worth $28,000. 83.46% of the stock is owned by hedge funds and other 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.