Cummins (NYSE:CMI) Stock Rating Lowered by Wall Street Zen

Cummins (NYSE:CMI) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lowered their price objective on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. DA Davidson boosted their target price on Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. reduced their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Citigroup decreased their target price on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Cummins Stock Performance

NYSE CMI opened at $530.72 on Friday. Cummins has a 1 year low of $405.82 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock has a market capitalization of $73.06 billion, a PE ratio of 27.12, a P/E/G ratio of 1.40 and a beta of 1.24. The company’s 50 day simple moving average is $555.86 and its two-hundred day simple moving average is $620.62.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the business earned $6.43 earnings per share. Analysts predict that Cummins will post 29.98 earnings per share for the current fiscal year.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. SteelPeak Wealth LLC bought a new position in Cummins in the third quarter worth $2,643,000. IFP Advisors Inc boosted its holdings in shares of Cummins by 141.8% during the 3rd quarter. IFP Advisors Inc now owns 8,795 shares of the company’s stock valued at $4,543,000 after buying an additional 5,157 shares in the last quarter. Robertson Stephens Wealth Management LLC boosted its holdings in shares of Cummins by 512.0% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 4,217 shares of the company’s stock valued at $2,178,000 after buying an additional 3,528 shares in the last quarter. Frank Rimerman Advisors LLC grew its position in shares of Cummins by 401.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 18,793 shares of the company’s stock worth $9,708,000 after buying an additional 15,042 shares during the period. Finally, Alpine Bank Wealth Management grew its position in shares of Cummins by 12.4% in the 3rd quarter. Alpine Bank Wealth Management now owns 562 shares of the company’s stock worth $271,000 after buying an additional 62 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.