Cummins (CMI) Raised 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 research note issued to investors on Tuesday, Benzinga reports. They currently have $190.00 price target on the stock, up from their previous price target of $155.00.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Cummins from a hold rating to a sell rating in a research report on Thursday, January 24th. Piper Jaffray Companies set a $195.00 price target on shares of Cummins and gave the company a buy rating in a research report on Thursday, April 4th. Oppenheimer cut shares of Cummins from an outperform rating to a market perform rating in a research report on Thursday, February 7th. ValuEngine raised shares of Cummins from a sell rating to a hold rating in a research report on Friday, February 15th. Finally, Royal Bank of Canada reaffirmed a hold rating and issued a $155.00 target price on shares of Cummins in a research report on Monday, December 24th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $163.19.

Shares of CMI opened at $167.84 on Tuesday. Cummins has a 52-week low of $124.40 and a 52-week high of $171.90. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.95 and a current ratio of 1.54. The firm has a market cap of $26.14 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09.

Cummins (NYSE:CMI) last announced its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The business had revenue of $6.13 billion for the quarter, compared to analyst estimates of $6.08 billion. During the same period last year, the firm earned $3.03 EPS. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. As a group, analysts forecast that Cummins will post 15.47 earnings per share for the current fiscal year.

In related news, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $160.00, for a total transaction of $269,920.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexis M. Herman sold 423 shares of the company’s stock in a transaction that occurred on Tuesday, February 12th. The stock was sold at an average price of $150.12, for a total transaction of $63,500.76. The disclosure for this sale can be found here. Insiders have sold 2,316 shares of company stock worth $364,321 over the last quarter. Insiders own 0.95% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Guidant Wealth Advisors purchased a new stake in shares of Cummins during the first quarter worth approximately $29,000. Barometer Capital Management Inc. purchased a new stake in shares of Cummins during the first quarter worth approximately $1,831,000. Ronna Sue Cohen increased its stake in shares of Cummins by 5.7% during the first quarter. Ronna Sue Cohen now owns 13,636 shares of the company’s stock worth $2,153,000 after buying an additional 738 shares during the period. Rothschild Investment Corp IL increased its stake in shares of Cummins by 10.0% during the first quarter. Rothschild Investment Corp IL now owns 7,696 shares of the company’s stock worth $1,215,000 after buying an additional 700 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in shares of Cummins by 1.2% during the first quarter. Gulf International Bank UK Ltd now owns 37,299 shares of the company’s stock worth $5,888,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 82.08% of the company’s stock.

Cummins Company Profile

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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Analyst Recommendations for Cummins (NYSE:CMI)

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