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

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

Several other equities research analysts have also commented on CMI. Truist Financial boosted their price target on shares of Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. TD Cowen boosted their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $282.55.

Cummins Trading Up 1.9 %

Shares of CMI opened at $294.58 on Wednesday. Cummins has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a 50-day moving average of $286.48 and a 200 day moving average of $254.08. The firm has a market capitalization of $40.29 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last posted its quarterly 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 net margin of 5.70% and a return on equity of 25.38%. The business 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 firm posted $4.52 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, research analysts expect that Cummins will post 18.45 EPS for the current year.

Insider Activity

In other news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 55,169 shares of company stock valued at $14,689,855 in the last ninety days. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds have recently added to or reduced their stakes in CMI. OFI Invest Asset Management purchased a new stake in Cummins during the third quarter worth $25,000. First United Bank & Trust purchased a new stake in Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC purchased a new stake in Cummins during the fourth quarter worth $26,000. Silver Oak Securities Incorporated purchased a new stake in Cummins during the third quarter worth $28,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Cummins during the fourth quarter worth $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.