Cummins Inc. (NYSE:CMI) was downgraded by research analysts at Goldman Sachs Group, Inc. (The) from a “conviction-buy” rating to a “buy” rating in a report released on Monday, The Fly reports.

Other analysts have also issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $160.00 price target (up previously from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $154.33.

Shares of Cummins (NYSE:CMI) traded down 0.13% during trading on Monday, reaching $159.82. The company had a trading volume of 1,294,751 shares. The firm has a 50-day moving average of $163.10 and a 200-day moving average of $154.60. The company has a market cap of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09. Cummins has a 12-month low of $116.03 and a 12-month high of $170.68.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ 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 business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 EPS. On average, equities research analysts anticipate that Cummins will post $7.98 EPS for the current year.

TRADEMARK VIOLATION NOTICE: “Cummins Inc. (CMI) Downgraded to “Buy” at Goldman Sachs Group, Inc. (The)” was originally posted by Daily Political and is the sole property of of Daily Political. If you are reading this piece on another publication, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be viewed at https://www.dailypolitical.com/2017/08/08/cummins-inc-cmi-downgraded-by-goldman-sachs-group-inc-the-to-buy.html.

In other news, Director Alexis M. Herman sold 1,300 shares of Cummins stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the transaction, the director now directly owns 29,656 shares of the company’s stock, valued at $4,720,048.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the transaction, the chief operating officer now directly owns 14,131 shares in the company, valued at $2,331,615. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,636 shares of company stock worth $10,000,575. Insiders own 0.62% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares in the last quarter. BlackRock Inc. boosted its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. American International Group Inc. boosted its position in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares in the last quarter. 80.34% of the stock is currently owned by institutional investors.

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.

The Fly

Analyst Recommendations for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.