Cummins (CMI) Raised 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 note issued to investors on Friday, MarketBeat.com reports. The firm currently has a $215.00 target price on the stock. Bank of America’s target price indicates a potential upside of 13.71% from the stock’s current price.

CMI has been the subject of a number of other reports. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $188.00 target price for the company in a research report on Monday, October 2nd. Argus upped their target price on Cummins from $172.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, November 6th. BMO Capital Markets upped their target price on Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group upped their target price on Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, November 1st. Finally, Piper Jaffray Companies set a $170.00 target price on Cummins and gave the company a “hold” rating in a research report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $181.46.

Shares of Cummins (NYSE:CMI) opened at $189.08 on Friday. The firm has a market capitalization of $31,381.04, a price-to-earnings ratio of 19.20, a PEG ratio of 1.31 and a beta of 1.14. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. Cummins has a 1 year low of $140.18 and a 1 year high of $189.57.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.02 EPS. sell-side analysts anticipate that Cummins will post 10.22 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the stock. ETRADE Capital Management LLC lifted its position in shares of Cummins by 1.4% during the 2nd quarter. ETRADE Capital Management LLC now owns 2,027 shares of the company’s stock worth $329,000 after buying an additional 27 shares during the last quarter. Advisory Services Network LLC lifted its position in shares of Cummins by 0.3% during the 2nd quarter. Advisory Services Network LLC now owns 15,459 shares of the company’s stock worth $2,508,000 after buying an additional 51 shares during the last quarter. Veritable L.P. lifted its position in shares of Cummins by 1.3% during the 2nd quarter. Veritable L.P. now owns 4,884 shares of the company’s stock worth $792,000 after buying an additional 65 shares during the last quarter. Ropes Wealth Advisors LLC lifted its position in shares of Cummins by 1.8% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 3,730 shares of the company’s stock worth $605,000 after buying an additional 67 shares during the last quarter. Finally, Guardian Capital Advisors LP raised its position in Cummins by 2.6% in the second quarter. Guardian Capital Advisors LP now owns 2,950 shares of the company’s stock valued at $487,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

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About Cummins

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.

Analyst Recommendations for Cummins (NYSE:CMI)

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