Cummins (NYSE:CMI) Stock Rating Upgraded by Melius

Cummins (NYSE:CMI) was upgraded by investment analysts at Melius from a “hold” rating to a “buy” rating in a research note issued on Wednesday, MarketBeat.com reports. The firm presently has a $500.00 price target on the stock. Melius’ price target indicates a potential upside of 24.57% from the stock’s previous close.

A number of other research firms have also weighed in on CMI. Citigroup boosted their target price on Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Robert W. Baird boosted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Finally, Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $389.29.

Cummins Stock Up 2.4%

CMI stock opened at $401.38 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $55.31 billion, a PE ratio of 18.87, a PEG ratio of 1.89 and a beta of 1.02. Cummins has a 1-year low of $260.02 and a 1-year high of $408.38. The business’s 50 day simple moving average is $369.39 and its 200 day simple moving average is $336.22.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.26 EPS. As a group, research analysts anticipate that Cummins will post 22.54 EPS for the current year.

Insider Activity at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,039 shares of company stock worth $10,385,075 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

Large investors have recently bought and sold shares of the business. Capital A Wealth Management LLC acquired a new stake in Cummins in the fourth quarter valued at about $32,000. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the second quarter valued at about $31,000. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter valued at about $31,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Cummins during the first quarter valued at about $37,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Company Profile

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.