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

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

Several other brokerages also recently weighed in on CMI. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Evercore ISI upped their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, Morgan Stanley assumed coverage on Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $279.70.

Cummins Stock Performance

NYSE:CMI opened at $292.71 on Monday. The stock has a fifty day moving average price of $281.69 and a 200-day moving average price of $249.59. The company has a market cap of $40.03 billion, a price-to-earnings ratio of 56.51, a PEG ratio of 1.96 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last released its earnings results 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). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 earnings per share. As a group, equities analysts anticipate that Cummins will post 18.31 EPS for the current fiscal year.

Insider Activity

In related news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Institutional investors and hedge funds have recently made changes to their positions in the business. Balentine LLC boosted its position in shares of Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after purchasing an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in shares of Cummins during the 3rd quarter valued at about $9,048,000. Capital Advisors Inc. OK bought a new stake in shares of Cummins during the 4th quarter valued at about $24,915,000. Finally, SG Americas Securities LLC boosted its holdings in Cummins by 227.6% in the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after acquiring an additional 16,869 shares in the last quarter. 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.