Cummins (NYSE:CMI) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Cummins (NYSE:CMIGet Rating) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

A number of other equities analysts have also commented on CMI. UBS Group lowered shares of Cummins from a buy rating to a neutral rating and cut their price objective for the company from $260.00 to $214.00 in a research report on Friday, March 18th. Zacks Investment Research upgraded shares of Cummins from a sell rating to a hold rating and set a $204.00 price objective for the company in a research report on Friday, April 15th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Cummins from $256.00 to $233.00 and set a hold rating for the company in a research report on Thursday, April 14th. Citigroup cut their price objective on shares of Cummins from $260.00 to $220.00 in a research report on Tuesday, April 12th. Finally, Morgan Stanley cut their price objective on shares of Cummins from $251.00 to $249.00 and set an equal weight rating for the company in a research report on Tuesday, January 18th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $259.33.

CMI opened at $194.93 on Monday. The company has a market capitalization of $27.69 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.23 and a beta of 1.04. The company has a quick ratio of 1.12, a current ratio of 1.74 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $200.73 and a 200-day moving average price of $217.32. Cummins has a twelve month low of $187.72 and a twelve month high of $273.65.

Cummins (NYSE:CMIGet Rating) last posted its earnings results on Thursday, February 3rd. The company reported $2.85 earnings per share for the quarter, missing the consensus estimate of $3.08 by ($0.23). The business had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.81 billion. Cummins had a return on equity of 23.63% and a net margin of 8.87%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.36 EPS. On average, sell-side analysts expect that Cummins will post 17.41 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 3rd. Stockholders of record on Friday, February 18th were issued a $1.45 dividend. The ex-dividend date was Thursday, February 17th. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.98%. Cummins’s payout ratio is 39.75%.

In other news, CEO Norman Thomas Linebarger sold 37,510 shares of the business’s stock in a transaction that occurred on Thursday, March 31st. The shares were sold at an average price of $207.09, for a total value of $7,767,945.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christopher C. Clulow sold 285 shares of the business’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $205.04, for a total transaction of $58,436.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,348 shares of company stock valued at $9,180,117. Company insiders own 1.05% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CMI. Norges Bank purchased a new position in shares of Cummins in the fourth quarter worth $302,269,000. EP Wealth Advisors LLC increased its stake in shares of Cummins by 7,718.0% in the third quarter. EP Wealth Advisors LLC now owns 505,511 shares of the company’s stock worth $859,000 after buying an additional 499,045 shares during the period. Castleview Partners LLC purchased a new position in shares of Cummins in the fourth quarter worth $2,214,000. Voloridge Investment Management LLC increased its stake in shares of Cummins by 5,773.0% in the third quarter. Voloridge Investment Management LLC now owns 401,069 shares of the company’s stock worth $90,064,000 after buying an additional 394,240 shares during the period. Finally, Epoch Investment Partners Inc. purchased a new position in shares of Cummins in the third quarter worth $87,129,000. 80.50% of the stock is currently owned by institutional investors.

Cummins Company Profile (Get Rating)

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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