StockNews.com Downgrades Cummins (NYSE:CMI) to Hold

Cummins (NYSE:CMI) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

A number of other equities analysts have also commented on CMI. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. UBS Group decreased their price target on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Jefferies Financial Group upped their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Robert W. Baird raised their target price 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, Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and an average price target of $389.50.

Cummins Stock Down 0.8 %

CMI opened at $328.08 on Tuesday. The stock has a fifty day moving average of $354.07 and a 200-day moving average of $348.10. The company has a market capitalization of $45.11 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share 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 business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the company earned $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. On average, equities analysts expect that Cummins will post 22.54 EPS for the current year.

Institutional Trading of Cummins

A number of hedge funds have recently made changes to their positions in CMI. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. KG&L Capital Management LLC raised its stake in shares of Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co grew its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares during the last quarter. Finally, Massachusetts Wealth Management increased its holdings in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after purchasing an additional 30 shares during the period. 83.46% of the stock is 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.