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

Cummins (NYSE:CMI) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday.

Several other research firms have also issued reports on CMI. Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday. Evercore ISI lifted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $324.83.

Cummins Stock Performance

CMI traded up $1.61 during trading on Wednesday, hitting $356.07. The stock had a trading volume of 1,155,553 shares, compared to its average volume of 1,508,413. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market cap of $48.80 billion, a PE ratio of 25.67, a P/E/G ratio of 1.88 and a beta of 0.97. The company has a 50 day simple moving average of $321.21 and a 200-day simple moving average of $298.27. Cummins has a 12 month low of $214.57 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 EPS. Analysts expect that Cummins will post 19.96 EPS for the current year.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Institutional investors have recently modified their holdings of the stock. PFG Investments LLC raised its stake in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. CWM LLC raised its stake in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its stake in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Cummins during the second quarter worth approximately $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cummins by 13.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after buying an additional 21,850 shares during the last quarter. 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.