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

Cummins (NYSE:CMIGet Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Several other research firms also recently weighed in on CMI. Morgan Stanley decreased their target price on Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a research report on Friday. Credit Suisse Group raised their target price on Cummins from $266.00 to $304.00 and gave the company an “outperform” rating in a research report on Friday, November 4th. UBS Group raised their target price on Cummins to $247.00 in a research report on Wednesday, November 16th. Deutsche Bank Aktiengesellschaft raised their target price on Cummins from $221.00 to $225.00 and gave the company a “hold” rating in a research report on Thursday, October 13th. Finally, Citigroup raised their target price on Cummins to $270.00 in a research report on Tuesday, November 15th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $254.00.

Cummins Stock Up 0.0 %

Shares of CMI opened at $235.55 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.84 and a debt-to-equity ratio of 0.58. Cummins has a 12 month low of $184.27 and a 12 month high of $254.47. The stock’s 50 day moving average is $244.56 and its two-hundred day moving average is $227.85. The firm has a market cap of $33.22 billion, a P/E ratio of 17.57, a PEG ratio of 1.34 and a beta of 1.04.

Cummins (NYSE:CMIGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $3.21 EPS for the quarter, missing the consensus estimate of $4.88 by ($1.67). Cummins had a net margin of 7.32% and a return on equity of 22.48%. The business had revenue of $7.33 billion during the quarter, compared to analyst estimates of $6.96 billion. Analysts predict that Cummins will post 16.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Andrew Smith sold 543 shares of Cummins stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $237.88, for a total transaction of $129,168.84. Following the transaction, the chief financial officer now owns 11,222 shares in the company, valued at $2,669,489.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cummins news, CFO Mark Andrew Smith sold 543 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $237.88, for a total transaction of $129,168.84. Following the completion of the sale, the chief financial officer now owns 11,222 shares of the company’s stock, valued at $2,669,489.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,442 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $251.76, for a total value of $614,797.92. Following the sale, the vice president now directly owns 16,348 shares of the company’s stock, valued at approximately $4,115,772.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,348 shares of company stock worth $26,034,039. 1.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cummins by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,203,832 shares of the company’s stock valued at $2,687,113,000 after buying an additional 226,774 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cummins by 39.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,240,383 shares of the company’s stock valued at $1,067,213,000 after buying an additional 1,484,171 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after buying an additional 173,139 shares in the last quarter. LSV Asset Management grew its stake in shares of Cummins by 0.3% in the third quarter. LSV Asset Management now owns 2,082,812 shares of the company’s stock valued at $423,873,000 after buying an additional 6,089 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Cummins by 48.8% in the third quarter. First Trust Advisors LP now owns 2,033,702 shares of the company’s stock valued at $413,878,000 after buying an additional 666,567 shares in the last quarter. Institutional investors and hedge funds own 80.94% of the company’s stock.

About Cummins

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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.

Further Reading

Analyst Recommendations for Cummins (NYSE:CMI)

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