Cummins (NYSE:CMI) was downgraded by equities research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday.
A number of other equities research analysts have also weighed in on the stock. Robert W. Baird upgraded shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 price objective for the company in a report on Thursday. Zacks Investment Research upgraded shares of Cummins from a “sell” rating to a “hold” rating in a report on Wednesday. Credit Suisse Group reiterated a “buy” rating and set a $168.00 price objective on shares of Cummins in a report on Tuesday, January 22nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $155.00 price objective on shares of Cummins in a report on Monday, December 24th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $160.71.
Shares of Cummins stock traded down $0.75 during trading on Thursday, hitting $148.60. The stock had a trading volume of 37,843 shares, compared to its average volume of 1,372,355. The firm has a market capitalization of $23.98 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 0.81 and a beta of 1.14. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. Cummins has a 12 month low of $124.40 and a 12 month high of $179.67.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). Cummins had a net margin of 5.57% and a return on equity of 29.17%. The company had revenue of $6.13 billion for the quarter, compared to the consensus estimate of $6.08 billion. During the same quarter in the previous year, the business earned $3.03 EPS. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins will post 15.27 earnings per share for the current fiscal year.
In other news, COO Richard Joseph Freeland sold 4,500 shares of the business’s stock in a transaction dated Friday, January 18th. The shares were sold at an average price of $150.00, for a total value of $675,000.00. Following the completion of the sale, the chief operating officer now owns 4,500 shares in the company, valued at approximately $675,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Franklin R. Changdiaz sold 595 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $147.86, for a total transaction of $87,976.70. Following the completion of the sale, the director now owns 6,157 shares of the company’s stock, valued at approximately $910,374.02. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,376 shares of company stock valued at $6,309,989. Company insiders own 0.67% of the company’s stock.
Several large investors have recently bought and sold shares of CMI. Oregon Public Employees Retirement Fund raised its holdings in shares of Cummins by 12,091.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,411,147 shares of the company’s stock valued at $93,000 after purchasing an additional 12,309,348 shares in the last quarter. LSV Asset Management grew its position in shares of Cummins by 79.7% in the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock worth $472,467,000 after buying an additional 1,434,282 shares during the last quarter. Parnassus Investments CA grew its position in shares of Cummins by 76.5% in the 4th quarter. Parnassus Investments CA now owns 1,500,000 shares of the company’s stock worth $200,460,000 after buying an additional 650,000 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Cummins by 33.4% in the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock worth $340,407,000 after buying an additional 583,376 shares during the last quarter. Finally, Federated Investors Inc. PA grew its position in shares of Cummins by 300.1% in the 3rd quarter. Federated Investors Inc. PA now owns 642,093 shares of the company’s stock worth $93,790,000 after buying an additional 481,621 shares during the last quarter. Institutional investors and hedge funds own 80.61% 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 worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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