Cfra Lowers Cummins (NYSE:CMI) to Hold

Share on StockTwits

Cummins (NYSE:CMI) was downgraded by analysts at Cfra from a “buy” rating to a “hold” rating in a report released on Wednesday, October 30th, The Fly reports.

CMI has been the topic of several other reports. Wells Fargo & Co raised their price target on shares of Cummins from $165.00 to $180.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 30th. Morgan Stanley decreased their price target on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and cut their price objective for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Credit Suisse Group increased their price objective on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. Cummins has an average rating of “Hold” and a consensus target price of $172.53.

NYSE CMI traded up $3.74 during trading hours on Wednesday, reaching $186.27. The company’s stock had a trading volume of 1,241,589 shares, compared to its average volume of 1,271,683. The stock has a market cap of $27.57 billion, a PE ratio of 14.08, a PEG ratio of 1.84 and a beta of 1.13. Cummins has a fifty-two week low of $124.40 and a fifty-two week high of $186.73. The company’s 50-day moving average is $167.49 and its two-hundred day moving average is $162.97. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.52.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.84 by ($0.01). Cummins had a return on equity of 28.52% and a net margin of 10.53%. The firm had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.87 billion. During the same period in the prior year, the business earned $4.05 earnings per share. Cummins’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts expect that Cummins will post 15.03 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Cummins by 2.3% in the second quarter. Vanguard Group Inc. now owns 12,170,719 shares of the company’s stock valued at $2,085,331,000 after buying an additional 276,792 shares during the period. BlackRock Inc. raised its stake in shares of Cummins by 5.8% during the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock valued at $1,968,509,000 after purchasing an additional 629,235 shares during the period. Northern Trust Corp raised its stake in shares of Cummins by 0.9% during the second quarter. Northern Trust Corp now owns 2,468,142 shares of the company’s stock valued at $422,891,000 after purchasing an additional 22,363 shares during the period. AQR Capital Management LLC raised its stake in shares of Cummins by 173.8% during the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock valued at $400,387,000 after purchasing an additional 1,502,462 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Cummins by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 2,185,924 shares of the company’s stock valued at $374,536,000 after purchasing an additional 10,081 shares during the period. Hedge funds and other institutional investors own 81.94% 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.

Further Reading: Options Trading

The Fly

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.