Cummins (NYSE:CMI) Lowered to “Hold” Rating by StockNews.com

Cummins (NYSE:CMI) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Other research analysts have also recently issued research reports about the stock. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $392.64.

Cummins Trading Up 3.0 %

Shares of Cummins stock opened at $322.24 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a fifty day moving average price of $359.39 and a 200 day moving average price of $346.87. Cummins has a 1 year low of $261.51 and a 1 year high of $387.90. The stock has a market cap of $44.30 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the company posted $4.14 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts predict that Cummins will post 22.54 earnings per share for the current year.

Hedge Funds Weigh In On Cummins

A number of institutional investors and hedge funds have recently bought and sold shares of CMI. Victory Capital Management Inc. boosted its position in Cummins by 25.4% during the third quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock worth $70,486,000 after acquiring an additional 44,027 shares during the last quarter. Haverford Trust Co boosted its position in Cummins by 6.2% during the third quarter. Haverford Trust Co now owns 1,740 shares of the company’s stock worth $563,000 after acquiring an additional 102 shares during the last quarter. Curi RMB Capital LLC acquired a new position in Cummins during the third quarter worth about $243,000. Metis Global Partners LLC boosted its position in Cummins by 17.3% during the third quarter. Metis Global Partners LLC now owns 8,302 shares of the company’s stock worth $2,688,000 after acquiring an additional 1,223 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in Cummins by 3.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,038 shares of the company’s stock worth $1,307,000 after acquiring an additional 128 shares during the last quarter. 83.46% 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, 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.