Cummins (NYSE:CMI) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat Ratings reports. The firm presently has a $215.00 price objective on the stock. Bank of America’s price target would indicate a potential upside of 13.71% from the company’s previous close.
Several other brokerages have also weighed in on CMI. Seaport Global Securities restated a “neutral” rating on shares of Cummins in a report on Tuesday. Buckingham Research upped their target price on shares of Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $190.00 target price (up previously from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Piper Jaffray Companies set a $170.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Tuesday, October 31st. Finally, Robert W. Baird reaffirmed a “sell” rating and issued a $155.00 target price on shares of Cummins in a research note on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus price target of $181.46.
Shares of Cummins (CMI) traded up $5.36 during midday trading on Friday, reaching $189.08. 1,807,950 shares of the company traded hands, compared to its average volume of 1,150,000. Cummins has a fifty-two week low of $140.18 and a fifty-two week high of $189.57. The firm has a market capitalization of $31,380.00, a price-to-earnings ratio of 19.22, a P/E/G ratio of 1.27 and a beta of 1.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03.
Several hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Cummins by 50.8% during the fourth quarter. State of Alaska Department of Revenue now owns 31,483 shares of the company’s stock worth $5,559,000 after acquiring an additional 10,600 shares in the last quarter. Alpha Windward LLC increased its position in shares of Cummins by 12.8% during the fourth quarter. Alpha Windward LLC now owns 4,067 shares of the company’s stock worth $718,000 after acquiring an additional 460 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Cummins by 19.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 37,584 shares of the company’s stock worth $6,638,000 after acquiring an additional 6,000 shares in the last quarter. Cullinan Associates Inc. increased its position in shares of Cummins by 9.1% during the fourth quarter. Cullinan Associates Inc. now owns 14,873 shares of the company’s stock worth $2,627,000 after acquiring an additional 1,240 shares in the last quarter. Finally, CAPROCK Group Inc. bought a new stake in shares of Cummins during the fourth quarter worth $218,000. 82.36% of the stock is owned by institutional investors.
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.
