Cummins (NYSE:CMI) Downgraded by StockNews.com

StockNews.com cut shares of Cummins (NYSE:CMI) from a buy rating to a hold rating in a research report released on Tuesday morning.

CMI has been the topic of several other reports. TheStreet lowered shares of Cummins from an a- rating to a c+ rating in a report on Tuesday, February 6th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the company an underweight rating in a report on Monday, March 25th. Citigroup upped their price target on shares of Cummins from $265.00 to $285.00 and gave the company a buy rating in a report on Monday, February 12th. The Goldman Sachs Group upped their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Finally, UBS Group upgraded shares of Cummins from a neutral rating to a buy rating and upped their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $279.70.

Cummins Price Performance

Shares of CMI opened at $282.66 on Tuesday. Cummins has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The firm has a market capitalization of $38.66 billion, a PE ratio of 54.57, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The company’s fifty day moving average price is $284.29 and its 200-day moving average price is $251.77.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the company posted $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities research analysts predict that Cummins will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.38%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 in the last 90 days. Insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds have recently bought and sold shares of the business. Mission Wealth Management LP raised its holdings in Cummins by 2.4% in the 1st quarter. Mission Wealth Management LP now owns 4,134 shares of the company’s stock valued at $1,218,000 after acquiring an additional 96 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its holdings in Cummins by 2.8% in the 1st quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 1,850 shares of the company’s stock valued at $545,000 after acquiring an additional 50 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in Cummins in the 1st quarter valued at about $526,000. Private Advisor Group LLC raised its holdings in Cummins by 3.4% in the 1st quarter. Private Advisor Group LLC now owns 19,296 shares of the company’s stock valued at $5,686,000 after acquiring an additional 641 shares during the last quarter. Finally, J.W. Cole Advisors Inc. raised its holdings in Cummins by 26.2% in the 1st quarter. J.W. Cole Advisors Inc. now owns 3,301 shares of the company’s stock valued at $972,000 after acquiring an additional 686 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Company Profile

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.