Bank of America upgraded shares of Cummins (NYSE:CMI – Free Report) from an underperform rating to a neutral rating in a research note released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $358.00 price objective on the stock, up from their previous price objective of $354.00.
CMI has been the topic of several other research reports. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $374.17.
Check Out Our Latest Research Report on Cummins
Cummins Stock Up 0.8 %
Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Cummins will post 20.75 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, VP Sharon R. Barner sold 162 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cummins
Large investors have recently bought and sold shares of the company. PFG Investments LLC lifted its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the period. CWM LLC raised its holdings in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC lifted 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 valued at $16,361,000 after purchasing an additional 59,027 shares during the period. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter valued at $748,000. Finally, Franklin Resources Inc. grew its position in Cummins by 74.2% during the 3rd 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 during the period. 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.
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