Cummins Inc. (CMI) Rating Lowered to Hold at ValuEngine

Cummins Inc. (NYSE:CMI) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a report issued on Tuesday, August 1st.

A number of other research firms have also recently commented on CMI. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price objective on shares of Cummins in a research report on Monday, June 5th. Jefferies Group LLC reiterated a “hold” rating and set a $160.00 price objective (up previously from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $150.00 price objective on shares of Cummins in a research report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $154.33.

Shares of Cummins (NYSE:CMI) traded down 0.13% on Tuesday, hitting $159.82. 1,294,751 shares of the stock traded hands. The stock has a market cap of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09. The stock’s 50 day moving average price is $163.10 and its 200 day moving average price is $154.60. Cummins has a 52-week low of $116.03 and a 52-week high of $170.68.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $2.40 EPS. On average, equities analysts expect that Cummins will post $7.98 EPS for the current fiscal year.

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In other Cummins news, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now directly owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the transaction, the chief financial officer now directly owns 13,395 shares in the company, valued at $2,196,110.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,636 shares of company stock worth $10,000,575. Insiders own 0.62% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. Bank of New York Mellon Corp boosted its stake in Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock valued at $303,309,000 after buying an additional 563,279 shares during the period. Vanguard Group Inc. boosted its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the period. UBS Group AG boosted its stake in Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock valued at $114,211,000 after buying an additional 409,168 shares during the period. Finally, American Century Companies Inc. boosted its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after buying an additional 402,929 shares during the period. 80.34% of the stock is currently owned by institutional investors and hedge funds.

About Cummins

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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