Cummins (NYSE:CMI) Upgraded at Bank of America

Bank of America upgraded shares of Cummins (NYSE:CMI) from an underperform rating to a neutral rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports. Bank of America currently has $358.00 price target on the stock, up from their prior price target of $354.00.

Several other equities analysts have also commented on the stock. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $374.25.

Cummins Trading Up 1.6 %

Shares of CMI stock opened at $366.55 on Tuesday. The stock has a market cap of $50.28 billion, a P/E ratio of 24.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. Cummins has a 1 year low of $226.52 and a 1 year high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $362.91 and a 200 day simple moving average of $326.45.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company posted $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Cummins will post 20.75 earnings per share for the current fiscal year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Hedge funds and other institutional investors have recently made changes to their positions in the company. Chicago Capital LLC raised its holdings in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after buying an additional 30 shares during the last quarter. Equitable Trust Co. grew its holdings in Cummins by 3.6% during the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares during the last quarter. EP Wealth Advisors LLC increased its position in Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after acquiring an additional 35 shares during the period. Bangor Savings Bank raised its stake in shares of Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after acquiring an additional 35 shares during the last quarter. Finally, Graypoint LLC lifted its holdings in shares of Cummins by 2.0% during the fourth quarter. Graypoint LLC now owns 1,874 shares of the company’s stock worth $653,000 after purchasing an additional 36 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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.