StockNews.com Upgrades Cummins (NYSE:CMI) to "Buy"

Cummins (NYSE:CMI - Get Free Report) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued to investors on Monday.

A number of other brokerages have also recently weighed in on CMI. Bank of America cut shares of Cummins from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Truist Financial assumed coverage on Cummins in a report on Thursday, March 14th. They issued a "hold" rating and a $303.00 price target for the company. Evercore ISI boosted their price objective on Cummins from $231.00 to $244.00 and gave the stock an "in-line" rating in a research note on Tuesday, February 20th. UBS Group raised Cummins from a "neutral" rating to a "buy" rating and upped their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $245.00 to $275.00 and gave the company an "underweight" rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $279.70.

Cummins Trading Up 1.0 %

Shares of NYSE CMI traded up $2.80 during trading on Monday, hitting $290.36. 1,027,160 shares of the company traded hands, compared to its average volume of 2,791,676. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $39.71 billion, a P/E ratio of 56.05, a P/E/G ratio of 1.96 and a beta of 1.04. The company has a 50-day moving average price of $280.93 and a 200-day moving average price of $249.14. Cummins has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analysts' expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins's revenue was up 9.9% on a year-over-year basis. During the same period last year, the firm posted $4.52 EPS. On average, equities analysts predict that Cummins will post 18.31 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jennifer Rumsey sold 739 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares of the company's stock, valued at approximately $284,696.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the business's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company's stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 in the last ninety days. Corporate insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Confluence Wealth Services Inc. lifted its holdings in shares of Cummins by 38.2% in the 1st quarter. Confluence Wealth Services Inc. now owns 2,567 shares of the company's stock worth $756,000 after purchasing an additional 709 shares during the last quarter. Kessler Investment Group LLC increased its position in Cummins by 57.7% in the first quarter. Kessler Investment Group LLC now owns 1,975 shares of the company's stock worth $582,000 after buying an additional 723 shares during the period. Raymond James & Associates lifted its stake in Cummins by 0.4% in the first quarter. Raymond James & Associates now owns 259,104 shares of the company's stock valued at $76,345,000 after buying an additional 1,103 shares during the last quarter. Lakewood Asset Management LLC boosted its holdings in shares of Cummins by 29.1% during the first quarter. Lakewood Asset Management LLC now owns 2,454 shares of the company's stock valued at $723,000 after acquiring an additional 553 shares during the period. Finally, FORVIS Wealth Advisors LLC grew its position in shares of Cummins by 8.5% during the first quarter. FORVIS Wealth Advisors LLC now owns 9,219 shares of the company's stock worth $2,716,000 after acquiring an additional 719 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

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.

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