Cummins Inc. (NYSE:CMI) was downgraded by equities research analysts at Longbow Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.

A number of other research analysts have also recently commented on the stock. Deutsche Bank AG reiterated a “sell” rating and set a $159.00 price target (up from $147.00) on shares of Cummins in a research report on Monday, October 9th. Wells Fargo & Company raised their target price on shares of Cummins from $184.50 to $190.00 and gave the stock a “market perform” rating in a report on Friday, October 6th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Tuesday, September 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 price target on shares of Cummins in a research note on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $164.91.

Shares of Cummins (CMI) opened at 172.62 on Thursday. The company’s 50 day moving average is $166.16 and its 200 day moving average is $159.30. The company has a market capitalization of $28.83 billion, a price-to-earnings ratio of 19.51 and a beta of 1.13. Cummins has a one year low of $121.22 and a one year high of $174.17.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $2.40 earnings per share. Equities research analysts predict that Cummins will post $7.98 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: “Cummins Inc. (CMI) Cut to Neutral at Longbow Research” was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another website, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://www.americanbankingnews.com/2017/10/15/cummins-inc-cmi-cut-to-neutral-at-longbow-research.html.

In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,633 shares of company stock worth $2,942,108. Corporate insiders own 0.62% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CMI. Oxford Asset Management purchased a new stake in shares of Cummins during the 1st quarter worth $267,000. Financial Enhancement Group LLC raised its stake in Cummins by 5.8% in the first quarter. Financial Enhancement Group LLC now owns 30,655 shares of the company’s stock valued at $4,635,000 after buying an additional 1,680 shares during the last quarter. Independent Advisor Alliance raised its stake in Cummins by 31.8% in the first quarter. Independent Advisor Alliance now owns 1,460 shares of the company’s stock valued at $219,000 after buying an additional 352 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Cummins by 0.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 78,203 shares of the company’s stock valued at $11,825,000 after buying an additional 662 shares during the last quarter. Finally, Mason Street Advisors LLC raised its stake in Cummins by 1.4% in the first quarter. Mason Street Advisors LLC now owns 21,379 shares of the company’s stock valued at $3,233,000 after buying an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 80.38% of the company’s stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

Analyst Recommendations for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.