Cummins (CMI) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Cummins (NYSE:CMI) from a neutral rating to a buy rating in a report published on Tuesday morning, Benzinga reports. Citigroup currently has $190.00 price objective on the stock, up from their previous price objective of $155.00.

A number of other brokerages have also recently weighed in on CMI. Robert W. Baird upgraded Cummins from a neutral rating to an outperform rating and set a $148.40 price target for the company in a research report on Thursday, February 7th. Royal Bank of Canada restated a hold rating and issued a $155.00 price target on shares of Cummins in a research report on Monday, December 24th. Zacks Investment Research upgraded Cummins from a sell rating to a hold rating and set a $168.00 price target for the company in a research report on Wednesday, February 6th. Oppenheimer cut Cummins from an outperform rating to a market perform rating in a research report on Thursday, February 7th. Finally, Piper Jaffray Companies set a $195.00 price objective on Cummins and gave the stock a buy rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $163.19.

Shares of CMI stock opened at $167.84 on Tuesday. Cummins has a fifty-two week low of $124.40 and a fifty-two week high of $171.90. The firm has a market capitalization of $26.43 billion, a PE ratio of 12.69, a PEG ratio of 1.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.95.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). Cummins had a net margin of 9.01% and a return on equity of 29.71%. The firm had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $6.08 billion. During the same quarter in the prior year, the business earned $3.03 EPS. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins will post 15.47 earnings per share for the current fiscal year.

In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of Cummins stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexis M. Herman sold 423 shares of Cummins stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total value of $63,500.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,316 shares of company stock valued at $364,321. 0.95% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Plimoth Trust Co. LLC grew its holdings in Cummins by 0.9% in the 4th quarter. Plimoth Trust Co. LLC now owns 7,639 shares of the company’s stock valued at $1,021,000 after buying an additional 70 shares during the period. Wetherby Asset Management Inc. lifted its stake in shares of Cummins by 1.7% in the 4th quarter. Wetherby Asset Management Inc. now owns 4,578 shares of the company’s stock valued at $612,000 after purchasing an additional 75 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of Cummins by 1.5% in the 4th quarter. Stratos Wealth Partners LTD. now owns 5,086 shares of the company’s stock valued at $680,000 after purchasing an additional 75 shares in the last quarter. Unison Advisors LLC lifted its stake in shares of Cummins by 0.7% in the 1st quarter. Unison Advisors LLC now owns 10,645 shares of the company’s stock valued at $1,681,000 after purchasing an additional 75 shares in the last quarter. Finally, Hudock Capital Group LLC lifted its stake in shares of Cummins by 12.8% in the 4th quarter. Hudock Capital Group LLC now owns 698 shares of the company’s stock valued at $92,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 82.08% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

Featured Story: Fundamental Analysis – How It Helps Investors

Analyst Recommendations for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.