Cummins (CMI) Upgraded to Buy at Bank of America

Cummins (NYSE:CMI) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, The Fly reports.

Several other analysts also recently commented on the stock. Goldman Sachs Group downgraded shares of Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a research report on Thursday, November 30th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BMO Capital Markets upped their target price on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research note on Wednesday, November 8th. Oppenheimer started coverage on shares of Cummins in a research note on Thursday, December 7th. They set an “outperform” rating and a $192.00 target price on the stock. Finally, Barclays started coverage on shares of Cummins in a research note on Tuesday, December 12th. They set an “equal weight” rating and a $180.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $178.69.

Shares of Cummins (CMI) opened at $183.72 on Friday. Cummins has a 1 year low of $140.18 and a 1 year high of $185.27. The company has a market cap of $30,486.57, a PE ratio of 18.65, a P/E/G ratio of 1.27 and a beta of 1.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period in the prior year, the firm posted $2.02 EPS. Cummins’s revenue for the quarter was up 26.2% on a year-over-year basis. equities analysts predict that Cummins will post 10.21 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its stake in shares of Cummins by 1.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 229,821 shares of the company’s stock worth $38,617,000 after purchasing an additional 3,700 shares during the period. Kirr Marbach & Co. LLC IN bought a new position in shares of Cummins in the 3rd quarter worth approximately $255,000. Boston Partners bought a new position in shares of Cummins in the 3rd quarter worth approximately $416,229,000. FDx Advisors Inc. bought a new position in shares of Cummins in the 3rd quarter worth approximately $685,000. Finally, Valeo Financial Advisors LLC bought a new position in shares of Cummins in the 3rd quarter worth approximately $1,195,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

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Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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