Cummins (NYSE:CMI) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Friday, Marketbeat.com reports. The firm currently has a $207.00 target price on the stock. Evercore ISI’s price objective would indicate a potential upside of 11.13% from the stock’s previous close.
Several other analysts have also recently commented on CMI. Barclays reissued a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Wednesday, October 16th. Cfra downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Credit Suisse Group raised their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Morgan Stanley raised their price objective on Cummins from $162.00 to $174.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $172.53.
Shares of CMI traded up $3.74 during mid-day trading on Friday, hitting $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 company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $167.49 and a 200 day simple moving average of $162.97. The firm has a market capitalization of $27.57 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.84 and a beta of 1.13. Cummins has a 1-year low of $124.40 and a 1-year high of $186.73.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gradient Investments LLC increased its position in Cummins by 102.8% during the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after buying an additional 74 shares in the last quarter. Krane Funds Advisors LLC purchased a new position in Cummins during the second quarter worth $26,000. Kempen Capital Management N.V. purchased a new position in Cummins during the second quarter worth $29,000. Sonora Investment Management LLC purchased a new position in Cummins during the second quarter worth $32,000. Finally, Lenox Wealth Advisors LLC purchased a new position in Cummins during the second quarter worth $33,000. 81.94% of the stock is owned by hedge funds and other institutional investors.
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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