Cummins (NYSE:CMI) Stock Rating Lowered by StockNews.com

Cummins (NYSE:CMI) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Other analysts have also issued reports about the stock. The Goldman Sachs Group upped their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Evercore ISI lifted their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. TD Cowen upped their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Truist Financial started coverage on Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. Finally, Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $279.70.

Cummins Price Performance

Shares of CMI opened at $293.65 on Tuesday. Cummins has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock has a fifty day moving average price of $283.88 and a 200 day moving average price of $251.38. The company has a market cap of $40.16 billion, a P/E ratio of 56.69, a PEG ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the business earned $4.52 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. On average, research analysts forecast that Cummins will post 18.34 earnings per share for the current year.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 in the last three months. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares during the period. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter worth $298,867,000. International Assets Investment Management LLC lifted its position in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. bought a new stake in Cummins in the 3rd quarter valued at $71,268,000. Finally, Envestnet Asset Management Inc. boosted its stake in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.