Cummins (NYSE:CMI) Downgraded by Zacks Research to “Hold”

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

CMI has been the topic of a number of other research reports. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company lifted their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Finally, Citigroup increased their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $739.43.

Cummins Stock Performance

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

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the business earned $5.96 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts predict that Cummins will post 29.33 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Cummins

Several institutional investors have recently bought and sold shares of CMI. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the 4th quarter worth about $26,000. Activest Wealth Management grew its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its holdings in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins in the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc boosted its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

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.