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

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

CMI has been the subject of several other research reports. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Truist Financial raised their price target on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Evercore ISI upped their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $282.55.

Cummins Stock Performance

Shares of CMI opened at $287.12 on Wednesday. The stock has a market capitalization of $39.27 billion, a P/E ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins has a 1 year low of $203.18 and a 1 year high of $304.24. The company’s fifty day moving average is $286.11 and its two-hundred day moving average is $253.84.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 earnings per share. On average, sell-side analysts predict that Cummins will post 18.45 earnings per share for the current year.

Insider Transactions at Cummins

In other news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now owns 2,698 shares in the company, 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 quarter. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Several large investors have recently added to or reduced their stakes in CMI. Vanguard Group Inc. lifted its position in shares of Cummins by 13.1% in the third 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 last quarter. Norges Bank acquired a new stake in Cummins in the 4th quarter worth approximately $298,867,000. International Assets Investment Management LLC boosted its position in Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after purchasing an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new position in Cummins during the third quarter valued at approximately $71,268,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Cummins by 88.9% in the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after purchasing an additional 274,927 shares during the period. 83.46% of the stock is owned by institutional investors.

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.