Cummins (NYSE:CMI) Lowered to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of Cummins (NYSE:CMI) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday morning.

A number of other equities research analysts have also issued reports on the stock. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $383.08.

Cummins Stock Performance

Shares of Cummins stock opened at $369.22 on Thursday. The stock has a market cap of $50.65 billion, a PE ratio of 24.39, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00. Cummins has a 12 month low of $247.23 and a 12 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 has a fifty day simple moving average of $361.92 and a 200-day simple moving average of $334.98.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.14 EPS. On average, sell-side analysts anticipate that Cummins will post 20.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 6,328 shares of company stock worth $2,300,040 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Hedge funds have recently added to or reduced their stakes in the business. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc bought a new stake in Cummins in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new stake in Cummins in the 4th quarter worth $30,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins during the 3rd quarter worth about $32,000. 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.