Cummins’ (CMI) “Buy (B-)” Rating Reaffirmed at Weiss Ratings

Weiss Ratings reaffirmed their buy (b-) rating on shares of Cummins (NYSE:CMI) in a research report sent to investors on Tuesday,Weiss Ratings reports.

Several other analysts also recently weighed in on CMI. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Barclays upped their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Finally, Citigroup upped their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $407.43.

Cummins Stock Up 2.0%

Cummins stock opened at $417.31 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The business’s 50-day simple moving average is $409.04 and its two-hundred day simple moving average is $350.83. The company has a market cap of $57.50 billion, a PE ratio of 19.62, a PEG ratio of 1.97 and a beta of 1.04. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $440.51.

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

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred 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 $2,994,038.67. This represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas lifted its position in shares of Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after acquiring an additional 25 shares in the last quarter. Orca Wealth Management LLC lifted its position in shares of Cummins by 0.6% in the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after acquiring an additional 28 shares in the last quarter. Bowman & Co S.C. lifted its position in shares of Cummins by 1.0% in the third quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock valued at $1,259,000 after acquiring an additional 29 shares in the last quarter. V Square Quantitative Management LLC lifted its position in shares of Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after acquiring an additional 31 shares in the last quarter. Finally, Empirical Finance LLC lifted its position in shares of Cummins by 0.7% in the second quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock valued at $1,611,000 after acquiring an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.