StockNews.com Downgrades Cummins (NYSE:CMI) to Hold

Cummins (NYSE:CMIGet Free Report) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Several other research analysts have also recently issued reports on CMI. JPMorgan Chase & Co. reduced their price objective on Cummins from $255.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, January 18th. Evercore ISI lifted their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Citigroup upped their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Morgan Stanley initiated coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price for the company. Finally, TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $259.33.

View Our Latest Stock Report on CMI

Cummins Stock Up 0.4 %

Shares of NYSE CMI traded up $1.05 during mid-day trading on Monday, reaching $271.31. 3,754,366 shares of the company were exchanged, compared to its average volume of 1,463,932. The firm has a 50-day moving average of $247.80 and a 200 day moving average of $235.47. Cummins has a 1 year low of $203.18 and a 1 year high of $274.05. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a market cap of $38.49 billion, a price-to-earnings ratio of 52.38, a P/E/G ratio of 1.83 and a beta of 1.03.

Cummins (NYSE:CMIGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the company posted $4.52 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, research analysts expect that Cummins will post 18.38 earnings per share for the current year.

Insider Activity

In other Cummins 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 transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction dated 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 owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 over the last three months. 1.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CMI. OFI Invest Asset Management acquired a new position in shares of Cummins during the 3rd quarter worth approximately $25,000. First United Bank & Trust acquired a new position in shares of Cummins during the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at approximately $28,000. Finally, Global Wealth Strategies & Associates acquired a new position in Cummins in the third quarter valued at approximately $29,000. 81.81% of the stock is currently owned by institutional investors and hedge funds.

Cummins Company Profile

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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.

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