Cummins (NYSE:CMI) Cut to Hold at StockNews.com

StockNews.com lowered shares of Cummins (NYSE:CMI) from a buy rating to a hold rating in a research note issued to investors on Friday.

A number of other research firms also recently commented on CMI. Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $392.64.

Cummins Trading Up 3.0 %

Shares of CMI stock opened at $322.24 on Friday. Cummins has a twelve month low of $261.51 and a twelve month high of $387.90. The firm has a 50-day moving average price of $359.39 and a 200 day moving average price of $347.16. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $44.30 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Trust Asset Management LLC boosted its stake in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. KG&L Capital Management LLC grew its position in shares of Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares in the last quarter. Signaturefd LLC grew its position in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after buying an additional 28 shares in the last quarter. Fiduciary Trust Co grew its position in shares of Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after buying an additional 28 shares in the last quarter. Finally, Massachusetts Wealth Management grew its position in shares of Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors 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.