Cummins (NYSE:CMI) Upgraded by StockNews.com to Strong-Buy Rating

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

Several other equities research analysts have also commented on the stock. Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday. Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $324.83.

Cummins Stock Performance

CMI traded up $1.61 on Wednesday, hitting $356.07. 1,155,553 shares of the company’s stock were exchanged, compared to its average volume of 1,508,413. The stock has a fifty day moving average of $321.21 and a two-hundred day moving average of $298.27. Cummins has a twelve month low of $214.57 and a twelve month high of $370.21. The firm has a market cap of $48.80 billion, a PE ratio of 25.67, a P/E/G ratio of 1.88 and a beta of 0.97. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the business earned $4.73 earnings per share. Cummins’s revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Cummins will post 19.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. bought a new position in Cummins in the 2nd quarter worth $28,000. Lynx Investment Advisory bought a new position in Cummins in the 2nd quarter worth $29,000. LRI Investments LLC bought a new position in Cummins in the 1st quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins in the 3rd quarter worth $34,000. 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.