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Weiss Ratings Reiterates "Buy (B-)" Rating for Cummins (NYSE:CMI)

Cummins logo with Auto/Tires/Trucks background

Key Points

  • Weiss Ratings has reissued a "Buy (B-)" rating for Cummins (NYSE:CMI), indicating continued confidence in the company's growth potential.
  • Recent reports from various brokerages have set a price target range for Cummins, with estimates reaching up to $500.00 from Melius, showcasing mixed sentiment on the stock.
  • Cummins recently reported strong quarterly earnings, with an EPS of $6.43, exceeding analyst expectations and showing a revenue of $8.64 billion despite a slight year-over-year decline.
  • MarketBeat previews top five stocks to own in November.

Cummins (NYSE:CMI - Get Free Report)'s stock had its "buy (b-)" rating reissued by stock analysts at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

A number of other brokerages also recently issued reports on CMI. Robert W. Baird increased their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Truist Financial increased their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a "hold" rating in a report on Wednesday, October 8th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. Finally, Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $407.43.

View Our Latest Stock Report on CMI

Cummins Trading Up 1.8%

Cummins stock traded up $7.50 during trading hours on Tuesday, hitting $416.50. The company had a trading volume of 242,078 shares, compared to its average volume of 867,769. The firm has a market cap of $57.39 billion, a P/E ratio of 19.52, a P/E/G ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a 50-day moving average price of $408.16 and a two-hundred day moving average price of $350.37.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.26 EPS. On average, sell-side analysts anticipate that Cummins will post 22.54 earnings per share for the current year.

Insider Transactions at Cummins

In other news, VP Robert Enright sold 1,860 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president owned 20,738 shares of the company's stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by corporate insiders.

Institutional Trading of Cummins

Several institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC increased its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the period. GAMMA Investing LLC increased its holdings in Cummins by 22.3% in the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock valued at $1,191,000 after buying an additional 692 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Cummins by 35.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company's stock valued at $9,923,000 after buying an additional 8,261 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Cummins in the first quarter valued at about $37,000. Finally, Dynamic Advisor Solutions LLC increased its holdings in Cummins by 3.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 1,537 shares of the company's stock valued at $482,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

About Cummins

(Get Free Report)

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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