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

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

Several other research firms also recently commented on CMI. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Robert W. Baird raised their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $383.08.

Cummins Stock Performance

CMI stock opened at $372.12 on Thursday. The firm has a market cap of $51.05 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00. Cummins has a twelve month low of $247.53 and a twelve month high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $361.89 and its two-hundred day simple moving average is $335.21.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $4.14 EPS. Analysts predict that Cummins will post 20.62 earnings per share for the current year.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the 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 sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 6,328 shares of company stock valued at $2,300,040 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Cummins in the 4th quarter valued at $187,082,000. Proficio Capital Partners LLC purchased a new position in Cummins in the 4th quarter worth $71,279,000. Finally, Amundi lifted its position in Cummins by 32.3% during the 4th quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after acquiring an additional 188,254 shares during the period. 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.