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

Cummins (NYSE:CMI) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Other research analysts have also recently issued reports about the stock. Evercore ISI boosted their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $254.00 to $321.00 in a report on Friday, March 15th. Finally, The Goldman Sachs Group boosted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $279.70.

Cummins Stock Performance

CMI stock opened at $293.65 on Tuesday. Cummins has a 12-month low of $203.18 and a 12-month high of $304.24. The stock’s 50 day simple moving average is $283.88 and its 200 day simple moving average is $251.38. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $40.16 billion, a PE ratio of 56.69, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the business posted $4.52 earnings per share. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts forecast that Cummins will post 18.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s 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 directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred 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 directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of CMI. Commonwealth Equity Services LLC increased its holdings in Cummins by 0.4% in the 1st quarter. Commonwealth Equity Services LLC now owns 73,852 shares of the company’s stock valued at $21,761,000 after acquiring an additional 268 shares during the last quarter. Field & Main Bank increased its holdings in shares of Cummins by 2.2% in the first quarter. Field & Main Bank now owns 2,315 shares of the company’s stock worth $682,000 after purchasing an additional 50 shares during the last quarter. Boyd Watterson Asset Management LLC OH lifted its position in shares of Cummins by 2.4% in the first quarter. Boyd Watterson Asset Management LLC OH now owns 2,520 shares of the company’s stock worth $742,000 after buying an additional 59 shares in the last quarter. Greenleaf Trust boosted its stake in Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after buying an additional 40 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Cummins by 3.8% during the 1st quarter. Benjamin Edwards Inc. now owns 4,801 shares of the company’s stock valued at $1,415,000 after buying an additional 174 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

About Cummins

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.