Cummins (NYSE:CMI) Stock Rating Upgraded by Evercore ISI

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.

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

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.

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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