Cummins (CMI) Rating Increased to Buy at Citigroup

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

CMI has been the subject of a number of other reports. Oppenheimer reiterated a market perform rating and issued a $164.00 price target on shares of Cummins in a report on Thursday, February 7th. CIBC reiterated a market perform rating on shares of Cummins in a report on Thursday, February 7th. Credit Suisse Group reiterated a buy rating and issued a $168.00 price target on shares of Cummins in a report on Tuesday, January 22nd. Zacks Investment Research downgraded Cummins from a hold rating to a sell rating in a report on Thursday, January 3rd. Finally, Mizuho set a $155.00 price target on Cummins and gave the company a hold rating in a report on Saturday, February 9th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $163.19.

Shares of NYSE CMI opened at $167.84 on Tuesday. Cummins has a twelve month low of $124.40 and a twelve month high of $171.90. The company has a quick ratio of 0.95, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. The company 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.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 the consensus estimate of $6.08 billion. During the same quarter last year, the firm posted $3.03 earnings per share. Cummins’s revenue was up 11.9% compared to the same quarter last year. On average, equities analysts forecast that Cummins will post 15.47 EPS for the current year.

In related news, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alexis M. Herman sold 423 shares of the company’s stock in a transaction on Tuesday, February 12th. The stock was 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. Over the last 90 days, insiders have sold 2,316 shares of company stock valued at $364,321. 0.95% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund boosted its position in Cummins by 12,091.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,411,147 shares of the company’s stock worth $93,000 after acquiring an additional 12,309,348 shares during the period. BlackRock Inc. boosted its position in Cummins by 2.6% during the 4th quarter. BlackRock Inc. now owns 11,093,954 shares of the company’s stock worth $1,482,593,000 after acquiring an additional 279,849 shares during the period. LSV Asset Management boosted its position in Cummins by 13.6% during the 4th quarter. LSV Asset Management now owns 3,674,463 shares of the company’s stock worth $491,055,000 after acquiring an additional 439,936 shares during the period. Geode Capital Management LLC boosted its position in Cummins by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock worth $333,085,000 after acquiring an additional 97,017 shares during the period. Finally, Northern Trust Corp boosted its position in Cummins by 11.4% during the 4th quarter. Northern Trust Corp now owns 2,472,270 shares of the company’s stock worth $330,394,000 after acquiring an additional 253,893 shares during the period. Hedge funds and other 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.

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