Cummins (NYSE:CMI) Downgraded by StockNews.com to Hold

Cummins (NYSE:CMI) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Other equities research analysts also recently issued research reports about the company. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. reduced their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

Shares of NYSE:CMI opened at $331.02 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins has a 1-year low of $261.51 and a 1-year high of $387.90. The stock has a market capitalization of $45.51 billion, a P/E ratio of 11.75, a P/E/G ratio of 2.19 and a beta of 1.01. The business has a 50-day moving average price of $355.39 and a two-hundred day moving average price of $347.98.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the firm posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts predict that Cummins will post 22.54 earnings per share for the current year.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Cummins during the 4th quarter worth approximately $499,490,000. Raymond James Financial Inc. bought a new position in shares of Cummins in the 4th quarter valued at about $187,082,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Northern Trust Corp lifted its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock worth $224,317,000 after purchasing an additional 233,694 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

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.