Cummins (NYSE:CMI) Upgraded at Bank of America

Cummins (NYSE:CMI) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Tuesday,Finviz reports. The brokerage presently has a $358.00 target price on the stock. Bank of America‘s price objective suggests a potential downside of 0.78% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on CMI. Truist Financial upped their price objective on Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average target price of $374.58.

Cummins Price Performance

Shares of CMI stock opened at $360.80 on Tuesday. Cummins has a twelve month low of $226.52 and a twelve month high of $387.90. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 1.78 and a beta of 0.99. The stock has a fifty day simple moving average of $362.62 and a two-hundred day simple moving average of $325.60. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $4.73 EPS. On average, analysts predict that Cummins will post 20.75 EPS for the current fiscal year.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Hedge funds have recently modified their holdings of the stock. PFG Investments LLC boosted its stake in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the last quarter. CWM LLC boosted its stake in shares of Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its position in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new position in Cummins during the third quarter worth approximately $748,000. Finally, Franklin Resources Inc. boosted its position in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.