Cummins (CMI) : Traders are bullish on Cummins (CMI) as it has outperformed the S&P 500 by a wide margin of 5.4% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.05%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.11% in the last 1 week, and is up 6.49% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 4.06% and the 50-Day Moving Average is 8.08%. Cummins (NYSE:CMI): On Fridays trading session , Opening price of the stock was $127.21 with an intraday high of $127.64. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $126.45. However, the stock managed to close at $126.73, a loss of 0.30% for the day. On the previous day, the stock had closed at $127.11. The total traded volume of the day was 884,761 shares.
The company Insiders own 0.57% of Cummins shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -18.14% . Institutional Investors own 87.31% of Cummins shares. During last six month period, the net percent change held by insiders has seen a change of -22.29%. Also, Equity Analysts at the Brokerage Firm, Citigroup, maintains their rating on the shares of Cummins (NYSE:CMI). Citigroup has a Neutral rating on the shares. As per the latest research report, the brokerage house raises the price target to $120 per share from a prior target of $115. The rating by the firm was issued on August 3, 2016.
Cummins Inc. is a global diesel engine manufacturer. The Company designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products, including filtration, after treatment, turbochargers, fuel systems, controls systems, air handling systems and electric power generation systems. It has four operating segments: Engine, Distribution, Components and Power Generation. The Company sells its products to original equipment manufacturers (OEMs), distributors and other customers. It serves its customers through a network of around 600 Company-owned and independent distributor locations and around 7,200 dealer locations in more than 190 countries. In addition, engines and engine components are manufactured by the Companys joint ventures or independent licensees at its manufacturing plants in the United States, China, India, South Korea, Mexico and Sweden. Its subsidiaries include Cummins India Ltd. and Wuxi Cummins Turbo Technologies Co. Ltd.