Cummins (NYSE:CMI) Raised to “Neutral” at JPMorgan Chase & Co.

Cummins (NYSE:CMI) was upgraded by JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Monday,Briefing.com Automated Import reports. The brokerage presently has a $420.00 price objective on the stock, up from their previous price objective of $355.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 10.64% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Robert W. Baird upped their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $351.31.

Cummins Price Performance

Cummins stock opened at $379.60 on Monday. Cummins has a 52-week low of $226.52 and a 52-week high of $382.86. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $348.47 and its 200 day moving average is $310.67. The company has a market cap of $52.07 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $4.73 earnings per share. Sell-side analysts forecast that Cummins will post 20.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the 2nd quarter valued at approximately $28,000. Prospera Private Wealth LLC acquired a new stake in Cummins during the third quarter worth $32,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the second quarter valued at $28,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins in the 3rd quarter valued at $34,000. Finally, Gradient Investments LLC grew its holdings in shares of Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after purchasing an additional 116 shares during the period. 83.46% of the stock is 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.