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

Cummins (NYSE:CMI) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research report on Monday, January 26th. JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup upped their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $649.47.

Cummins Stock Down 0.5%

Cummins stock opened at $679.25 on Thursday. The firm has a market cap of $93.73 billion, a PE ratio of 35.25, a P/E/G ratio of 1.75 and a beta of 1.27. 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 firm’s 50 day moving average price is $586.92 and its two-hundred day moving average price is $543.54. Cummins has a twelve month low of $305.13 and a twelve month high of $718.08.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.96 EPS. On average, research analysts predict that Cummins will post 27.9 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 33,603 shares of company stock worth $20,047,788 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC increased its holdings in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the last quarter. Thompson Investment Management Inc. acquired a new position in Cummins in the 4th quarter valued at $26,000. Activest Wealth Management grew its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins in the 4th quarter valued at $27,000. Finally, Key Financial Inc grew its stake in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. 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.