Cummins (CMI) : Traders are bullish on Cummins (CMI) as it has outperformed the S&P 500 by a wide margin of 6.62% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.66%, 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 2.09% in the last 1 week, and is up 9.28% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Cummins (NYSE:CMI): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $123.30 and $123.30 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $125.34. The buying momentum continued till the end and the stock did not give up its gains. It closed at $125.34, notching a gain of 1.70% for the day. The total traded volume was 1,044,157 . The stock had closed at $123.25 on the previous day.
The stock has recorded a 20-day Moving Average of 4.8% and the 50-Day Moving Average is 8.05%. Cummins Inc. is up 9.94% in the last 3-month period. Year-to-Date the stock performance stands at 45.07%.
Cummins (CMI) stock is expected to deviate a maximum of $9.49 from the average target price of $109.09 for the short term period. 11 Street Experts have initiated coverage on the stock with the most promising target being $128 and the most muted being $95.
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.