Cummins (NYSE:CMI) Stock Rating Lowered by Zacks Research

Cummins (NYSE:CMI) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Citigroup raised their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group reaffirmed a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, Truist Financial upped their price target on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $739.43.

Cummins Trading Up 1.6%

Cummins stock opened at $675.02 on Monday. Cummins has a 1 year low of $339.74 and a 1 year high of $737.76. The firm’s 50 day moving average price is $679.36 and its 200-day moving average price is $612.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a market cap of $93.15 billion, a P/E ratio of 35.03, a PEG ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during 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%. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.96 earnings per share. On average, equities analysts predict that Cummins will post 29.33 earnings per share for the current fiscal year.

Insider Activity at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last three months. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

Large investors have recently bought and sold shares of the business. Family Wealth Partners LLC bought a new position in Cummins in the 2nd quarter valued at $213,000. Tema ETFs LLC boosted its stake in shares of Cummins by 6.8% during the second quarter. Tema ETFs LLC now owns 2,264 shares of the company’s stock valued at $1,615,000 after purchasing an additional 145 shares during the period. Redhawk Wealth Advisors Inc. purchased a new position in Cummins in the 2nd quarter worth about $205,000. Revolve Wealth Partners LLC bought a new stake in Cummins during the 2nd quarter valued at about $243,000. Finally, Wealthcare Capital Partners LLC purchased a new stake in Cummins in the 2nd quarter valued at about $323,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

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.