Cummins (NYSE:CMI) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Cummins (NYSE:CMI) from a buy rating to a strong-buy rating in a research report sent to investors on Wednesday.

CMI has been the subject of several other research reports. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Stock Down 0.4 %

Shares of NYSE CMI opened at $365.76 on Wednesday. Cummins has a 52 week low of $234.04 and a 52 week high of $387.90. The business has a 50-day simple moving average of $363.73 and a two-hundred day simple moving average of $329.56. 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 company has a market cap of $50.17 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the company earned $4.73 EPS. The firm’s revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins will post 21.92 earnings per share for the current fiscal year.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Cummins during the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins during the 3rd quarter worth approximately $34,000. Friedenthal Financial bought a new position in Cummins during the 4th quarter worth approximately $55,000. Finally, Ashton Thomas Securities LLC bought a new position in Cummins during the 3rd quarter worth approximately $55,000. 83.46% of the stock is currently owned by 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.