Cummins (NYSE:CMI) Stock Rating Upgraded by Wall Street Zen

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

Other equities analysts have also recently issued research reports about the stock. DA Davidson boosted their price objective on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a research note on Friday, November 6th. Truist Financial cut their price target on shares of Cummins from $779.00 to $637.00 and set a “buy” rating for the company in a report on Friday, November 6th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Wells Fargo & Company reduced their price target on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $659.44.

Cummins Stock Up 1.9%

Shares of NYSE CMI opened at $462.86 on Tuesday. Cummins has a 52 week low of $443.62 and a 52 week high of $737.76. The business has a 50-day simple moving average of $520.51 and a two-hundred day simple moving average of $597.84. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. The company has a market cap of $63.45 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.20 and a beta of 1.26.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. During the same quarter in the previous year, the firm earned $5.59 EPS. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. Research analysts anticipate that Cummins will post 29.83 earnings per share for the current fiscal year.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on 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 directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Cummins

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Cummins in the 2nd quarter worth $8,204,241,000. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 4.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,768,635 shares of the company’s stock worth $1,946,764,000 after acquiring an additional 173,274 shares during the last quarter. Bank of America Corp DE purchased a new position in Cummins in the second quarter worth $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter worth $973,198,000. Finally, Legal & General Group Plc bought a new position in Cummins in the second quarter valued at $666,635,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.