Cummins (CMI) Rating Lowered to Neutral at Goldman Sachs Group
Cummins (NYSE:CMI) was downgraded by research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports.
A number of other brokerages have also recently issued reports on CMI. Stifel Nicolaus reiterated a “hold” rating and set a $190.00 target price (up previously from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Buckingham Research started coverage on shares of Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price objective for the company. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank lowered their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Finally, BMO Capital Markets raised their price objective on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the stock. Cummins presently has an average rating of “Hold” and a consensus price target of $176.20.
Shares of Cummins (CMI) traded up $2.88 during trading on Thursday, hitting $167.40. 1,912,819 shares of the company were exchanged, compared to its average volume of 1,309,019. The firm has a market cap of $27,304.97, a PE ratio of 16.70, a P/E/G ratio of 1.32 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. Cummins has a 1-year low of $134.06 and a 1-year high of $181.79.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Pinnacle Bank bought a new position in Cummins during the 1st quarter worth approximately $105,000. Carroll Financial Associates Inc. boosted its stake in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after acquiring an additional 83 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Cummins during the 3rd quarter worth approximately $132,000. Cohen Capital Management Inc. bought a new position in Cummins during the 1st quarter worth approximately $121,000. Finally, Captrust Financial Advisors bought a new position in Cummins during the 2nd quarter worth approximately $137,000. 82.51% of the stock is currently owned by institutional investors.
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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.
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