Cummins (NYSE:CMI) Rating Lowered to “Hold” at Wall Street Zen

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

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Barclays reduced their target price on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Wells Fargo & Company dropped their price target on shares of Cummins from $760.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, October 26th. Finally, Evercore cut their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Up 0.0%

Shares of NYSE:CMI opened at $500.81 on Monday. 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 firm has a market capitalization of $68.94 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.32 and a beta of 1.26. The firm’s 50-day moving average is $533.58 and its two-hundred day moving average is $601.36. Cummins has a 1 year low of $426.79 and a 1 year high of $737.76.

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

Insider Buying and Selling 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 value of $399,409.56. Following the sale, the vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in shares of Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after acquiring an additional 350,910 shares during the last quarter. Fulcrum Wealth Advisors LLC lifted its position in shares of Cummins by 611.8% in the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock valued at $8,401,000 after acquiring an additional 13,979 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Cummins by 45.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after acquiring an additional 4,538 shares during the last quarter. CWS Financial Advisors LLC boosted its stake in shares of Cummins by 973.2% during the third quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock valued at $2,445,000 after acquiring an additional 4,292 shares during the last quarter. Finally, Legacy Private Trust Co. boosted its stake in shares of Cummins by 1,264.1% during the third quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock valued at $6,314,000 after acquiring an additional 11,326 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.