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

Cummins (NYSE:CMI) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other brokerages have also issued reports on CMI. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Citigroup boosted their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $739.43.

Cummins Stock Up 1.6%

NYSE:CMI opened at $675.02 on Monday. The company has a market cap 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. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock’s fifty day moving average price is $679.36 and its two-hundred day moving average price is $612.10. Cummins has a 52-week low of $339.74 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last released 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 company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.96 earnings per share. On average, analysts anticipate that Cummins will post 29.33 EPS for the current 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 stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Juno Financial Group LLC bought a new position in Cummins during the fourth quarter worth $883,000. Truist Financial Corp raised its position in shares of Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after purchasing an additional 2,951 shares during the period. Nordea Investment Management AB lifted its stake in shares of Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after buying an additional 278,350 shares during the last quarter. Smith Salley Wealth Management boosted its holdings in shares of Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after buying an additional 20,299 shares during the period. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Cummins during the 4th quarter worth about $7,797,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.