Cummins (NYSE:CMI) Rating Lowered to Hold at StockNews.com

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

Several other analysts have also recently issued reports on the stock. Evercore ISI increased their target price on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Morgan Stanley started coverage on Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective for the company. TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $279.70.

Cummins Price Performance

Cummins stock opened at $283.85 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins has a one year low of $203.18 and a one year high of $304.24. The firm has a market capitalization of $38.82 billion, a P/E ratio of 54.80, a PEG ratio of 2.00 and a beta of 1.04. The business has a fifty day moving average price of $284.71 and a 200-day moving average price of $251.99.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins will post 18.34 EPS for the current year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC grew its stake in Cummins by 3.3% in the third quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock worth $16,778,000 after purchasing an additional 2,377 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Cummins by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock valued at $7,586,000 after acquiring an additional 1,501 shares during the period. Kingswood Wealth Advisors LLC bought a new position in shares of Cummins during the third quarter valued at approximately $732,000. Dakota Wealth Management lifted its holdings in shares of Cummins by 5.5% during the third quarter. Dakota Wealth Management now owns 13,446 shares of the company’s stock valued at $3,072,000 after purchasing an additional 706 shares during the last quarter. Finally, Hoey Investments Inc. boosted its position in shares of Cummins by 51.5% in the 3rd quarter. Hoey Investments Inc. now owns 556 shares of the company’s stock worth $127,000 after purchasing an additional 189 shares in 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.