Zacks Research Upgrades Cummins (NYSE:CMI) to "Strong-Buy"

Cummins (NYSE:CMI - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

A number of other analysts also recently commented on CMI. UBS Group set a $565.00 price objective on Cummins and gave the stock a "neutral" rating in a research note on Friday, February 6th. Argus set a $696.00 price objective on Cummins in a research note on Tuesday, February 10th. Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday. Finally, Wall Street Zen lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and a consensus target price of $649.47.

Cummins Stock Down 0.5%

CMI opened at $679.25 on Thursday. Cummins has a one year low of $305.13 and a one year high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 1.71. The stock's fifty day moving average is $586.92 and its 200-day moving average is $543.54. The company has a market capitalization of $93.73 billion, a PE ratio of 35.25, a P/E/G ratio of 1.75 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the business earned $5.96 EPS. The company's quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts predict that Cummins will post 27.9 EPS for the current fiscal year.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the business's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the sale, the vice president directly owned 3,389 shares of the company's stock, valued at $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 33,603 shares of company stock valued at $20,047,788 over the last ninety days. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Cummins

Large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System raised its position in Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock valued at $47,268,000 after buying an additional 2,305 shares during the period. Bailard Inc. raised its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company's stock valued at $25,270,000 after buying an additional 4,035 shares during the period. Fisher Asset Management LLC raised its position in Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock valued at $1,422,121,000 after buying an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC raised its position in Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after buying an additional 3,100 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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