Downgrade Alert for Cummins (CMI)
Cummins (NYSE:CMI) was downgraded from Buy to Hold at Standpoint Research today. The stock closed yesterday at $119.48 on volume of 1.6 million shares, below average daily volume of 2.2 million.
Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.
Cummins (NYSE:CMI) defies analysts with a current price ($119.47) 11.4% above its average consensus price target of $105.80. The stock should find initial support at its 50-day moving average (MA) of $109.01 and further support at its 200-day MA of $106.04.
In the past 52 weeks, Cummins share prices have been bracketed by a low of $79.88 and a high of $143.40 and closed yesterday at $119.47, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.2%.
SmarTrend is monitoring the recent change of momentum in Cummins. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cummins in search of a potential trend change.
Keywords: analyst upgrades/downgrades Cummins