Wall Street Zen Upgrades Cummins (NYSE:CMI) to Buy

Cummins (NYSE:CMI) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other research firms have also commented on CMI. Truist Financial decreased their price target on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. CICC Research assumed coverage on shares of Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Stock Up 0.8%

CMI opened at $521.40 on Friday. The business has a 50 day moving average of $546.67 and a 200-day moving average of $602.74. The stock has a market capitalization of $71.78 billion, a price-to-earnings ratio of 26.64, a P/E/G ratio of 1.37 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins has a 1-year low of $413.98 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $6.43 EPS. As a group, sell-side analysts anticipate that Cummins will post 29.98 earnings per share for the current year.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

A number of institutional investors and hedge funds have recently modified their holdings of CMI. Arthur M. Cohen & Associates LLC grew its holdings in Cummins by 54.6% during the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 558 shares of the company’s stock worth $288,000 after acquiring an additional 197 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Cummins by 9.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 8,454 shares of the company’s stock valued at $4,367,000 after acquiring an additional 722 shares during the last quarter. Center for Financial Planning Inc. lifted its stake in shares of Cummins by 44.7% in the 3rd quarter. Center for Financial Planning Inc. now owns 1,052 shares of the company’s stock valued at $543,000 after purchasing an additional 325 shares during the period. Segment Wealth Management LLC lifted its stake in shares of Cummins by 3.6% in the 3rd quarter. Segment Wealth Management LLC now owns 2,847 shares of the company’s stock valued at $1,471,000 after purchasing an additional 100 shares during the period. Finally, Patton Albertson Miller Group LLC lifted its stake in shares of Cummins by 0.8% in the 3rd quarter. Patton Albertson Miller Group LLC now owns 16,140 shares of the company’s stock valued at $8,337,000 after purchasing an additional 121 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.