Cummins (NYSE:CMI) Downgraded to “Hold” Rating by StockNews.com

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

Several other analysts have also recently weighed in on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Finally, Robert W. Baird upped their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Performance

Shares of CMI stock opened at $331.02 on Tuesday. Cummins has a 52 week low of $261.51 and a 52 week high of $387.90. The company has a market capitalization of $45.51 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 2.19 and a beta of 1.01. The company has a 50-day simple moving average of $355.39 and a 200 day simple moving average of $347.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the company posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts predict that Cummins will post 22.54 earnings per share for the current year.

Institutional Investors Weigh In On Cummins

Hedge funds have recently added to or reduced their stakes in the business. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc acquired a new position in Cummins during the 4th quarter worth about $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is currently 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.