Cummins Inc. ($CMI) Stock Forecast: Up 8.6% Today

What is Cummins Inc.?

Cummins Inc. (NYSE: CMI) is a global power leader that designs, manufactures, distributes, and services engines and related technologies. The company operates through segments such as Engine, Distribution, Components, Power Systems, and New Power.

Why is Cummins Inc. going up?

CMI stock is up 8.6% on Nov 5, 2024 17:57

• Cummins (CMI) witnessed a notable increase in its stock price today after surpassing expectations with its third-quarter 2024 results and raising its profit forecast.
• Sales growth exceeding market predictions boosted investor confidence in the company.
• The optimistic trajectory of CMI shares is a direct result of its strong financial performance and reiterated revenue guidance, signaling a favorable outlook.
• Investor sentiment towards Cummins remains positive, driven by the market's enthusiastic response to the company's Q3 2024 earnings beat and revenue exceedances.

CMI Price Chart

CMI Technical Analysis

CMI News

Cummins Lifts 2024 Profit Outlook After Q3 Beat - Cummins ( NYSE:CMI )

Cummins Inc CMI shares surged after the company reported better-than-expected third-quarter 2024 results and reaffirmed its 2024 revenue guidance. CMI reported third-quarter sales grew slightly by 0.30% year over year to $8.546 billion, beating the consensus of $8.294 billion.

https://www.benzinga.com/news/earnings/24/11/41749257/cummins-lifts-2024-profit-outlook-after-q3-beat

Cummins ( CMI ) Q3 Earnings and Revenues Beat Estimates

Cummins (CMI) delivered earnings and revenue surprises of 14.52% and 2.18%, respectively, for the quarter ended September 2024. Do the numbers hold clues to what lies ahead for the stock?

https://www.zacks.com/stock/news/2364148/cummins-cmi-q3-earnings-and-revenues-beat-estimates

Archer-Daniels-Midland, Yum! Brands And 3 Stocks To Watch Heading Into Tuesday - Archer-Daniels Midland ( NYSE:ADM )

With U.S. stock futures trading mixed this morning on Tuesday, some of the stocks that may grab investor focus today are as follows: Wall Street expects Archer-Daniels-Midland Company ADM to report quarterly earnings at $1.25 per share on revenue of $21.35 billion before the opening bell, ...

https://www.benzinga.com/news/earnings/24/11/41735699/archer-daniels-midland-yum-brands-and-3-stocks-to-watch-heading-into-tuesday

Stay Ahead of the Game With Cummins ( CMI ) Q3 Earnings: Wall Street's Insights on Key Metrics

Get a deeper insight into the potential performance of Cummins (CMI) for the quarter ended September 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.

https://www.zacks.com/stock/news/2361598/stay-ahead-of-the-game-with-cummins-cmi-q3-earnings-wall-streets-insights-on-key-metrics

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Cummins Inc. Price History

05.10.2024 - CMI Stock was up 6.0%

• Cummins Inc. (CMI) likely experienced a bullish movement today due to positive investor sentiment surrounding its Q3 earnings performance.
• The market responded favorably to insights on key metrics for Cummins, indicating that the company may have exceeded expectations.
• Strong performance in key metrics and potential earnings beat could have fueled investor optimism, driving the bullish movement in CMI stock.
• The positive market reaction to Cummins' Q3 earnings contrasts with the mixed trading of U.S. stock futures, highlighting the company's strong performance and investor confidence in its growth prospects.

05.10.2024 - CMI Stock was up 8.6%

• Cummins (CMI) witnessed a notable increase in its stock price today after surpassing expectations with its third-quarter 2024 results and raising its profit forecast.
• Sales growth exceeding market predictions boosted investor confidence in the company.
• The optimistic trajectory of CMI shares is a direct result of its strong financial performance and reiterated revenue guidance, signaling a favorable outlook.
• Investor sentiment towards Cummins remains positive, driven by the market's enthusiastic response to the company's Q3 2024 earnings beat and revenue exceedances.

24.08.2024 - CMI Stock was up 6.0%

• Cummins (CMI) is being recognized as a great dividend stock, which could have attracted more investors looking for stable returns.
• The positive assessment of Cummins as a dividend stock might have boosted investor confidence in the company's long-term financial health and stability.
• This development could have contributed to increased buying interest in Cummins (CMI), driving up its stock price as investors see the company as a reliable investment option for consistent returns.

06.01.2024 - CMI Stock was up 1.2%

• Cummins reported higher net sales for the fourth quarter of 2023, indicating strong financial performance.
• Despite the earnings lagging estimates, the overall revenue exceeded expectations, suggesting positive growth prospects.
• The class action lawsuit filed against Cummins may have caused some uncertainty in the market, but it did not significantly impact the bullish movement.
• The positive guidance for fiscal 2024 also contributed to the bullish sentiment.

03.05.2024 - CMI Stock was down 2.3%

• The recent bearish movement in Cummins (CMI) stock is likely linked to the announcement of Senior Vice President Tony Satterthwaite's retirement after 36 years with the company. Here's an evaluation of the situation:
• Concerns may arise among investors regarding the potential leadership gap following Satterthwaite's retirement, leading to uncertainties about the company's future direction.
• Satterthwaite's long and impactful tenure at Cummins raises questions about the company's ability to sustain growth and innovation post his departure.
• Market reactions may reflect apprehensions about the challenges of transitioning to new leadership and its potential impact on Cummins' strategic plans and performance moving forward.

07.02.2024 - CMI Stock was down 2.4%

• The downward trend in Cummins Inc. (CMI) stock today is linked to current class action lawsuits and legal concerns surrounding the company. Here's an evaluation of the situation:
• The nearing lead plaintiff deadline in the class action lawsuit against Cummins Inc. may have caused unease among investors, resulting in a stock sell-off.
• Regulatory uncertainties and talks regarding promoting electric vehicle (EV) adoption, although optimistic in the long run, could be introducing short-term uncertainty for Cummins stakeholders.
• Various law firms alerting investors about impending deadlines and class actions associated with Cummins Inc. are evidently impacting market sentiment due to legal uncertainties.
• Investors are actively monitoring the progress in these legal proceedings and regulatory dialogues to assess potential implications on Cummins' future performance and stock value.

29.07.2023 - CMI Stock was down 3.2%

• The bearish movement in CMI stock today could be attributed to the following factors:
• 1. Partnership with Chevron: The news of Cummins partnering with Chevron to expand the use of low-carbon fuels may have raised concerns among investors. While this partnership aims to promote sustainable energy solutions, it could potentially impact Cummins' traditional engine business, leading to a negative sentiment in the market.
• 2. Transition to low-carbon fuels: As Cummins focuses on expanding the use of low-carbon fuels, investors might be concerned about the potential challenges and costs associated with this transition. This shift in the company's strategy could lead to uncertainties and impact its financial performance, resulting in a bearish market movement.
• 3. Market sentiment: The overall market sentiment, influenced by various economic and geopolitical factors, could also contribute to the bearish movement in CMI stock. If there is a general pessimism or negative sentiment in the market, it can impact the performance of individual stocks, including CMI.
• 4. Technical factors: It's important to consider technical factors such as support and resistance levels, moving averages, and trading volumes to gain a comprehensive understanding of the bearish movement in CMI stock. These factors can provide insights into the market dynamics and investor behavior, further influencing the stock's performance.

16.09.2023 - CMI Stock was up 0.3%

• The bullish movement in CMI stock today could be attributed to the following factors:
• 1. Strong performance in the World Cup: The news articles mention Australia's struggles in the World Cup in India. However, the fact that skipper Pat Cummins is adapting to the conditions "on the fly" suggests that the team is making efforts to overcome challenges and improve their performance. This positive development could have a spillover effect on Cummins Inc., as it is the same name as the skipper.
• 2. Selection for Indian Army project: Cummins has been chosen by India for its indigenous light tank engines, aimed at countering Chinese deployments. This contract win indicates the company's strong position in the defense sector and could have boosted investor confidence in Cummins Inc.
• 3. Stake reduction by IFM Investors Pty Ltd: While this news might seem contradictory to a bullish movement, it is worth noting that the stake reduction by IFM Investors Pty Ltd is relatively small (6.5%). It is possible that other investors see this as an opportunity to buy CMI stock at a potentially lower price, leading to increased demand and a bullish market movement.
• 4. Driving profits across generational portfolio updates: Although the article does not provide a summary, the headline suggests that Cummins is making updates to its portfolio, potentially driving profits. This positive news could have contributed to the bullish movement in CMI stock.
• Overall, the bullish movement in CMI stock today could be a result of positive developments in the World Cup, winning a defense contract, potential buying opportunities due to stake reduction, and updates to the company's portfolio.

28.05.2024 - CMI Stock was down 2.8%

• Cummins stock experienced a bearish movement today.
• The hydrogen energy sector, including companies like Bloom Energy and Plug Power, has been facing challenges with doubts about their sales growth potential in the current high-interest rate environment.
• Despite Cummins creating history with a second consecutive T20 World Cup hattrick, this positive news might not have been enough to offset broader market concerns impacting the stock price.
• A recommendation to buy Cummins shares on June 25 might have been based on technical analysis, but market conditions could have shifted, leading to the bearish movement today.

06.07.2024 - CMI Stock was up 5.1%

• Cummins' bullish movement today could be attributed to the positive reception of their 2023-2024 Sustainability Progress Report, highlighting their commitment to diversity, equity, and inclusion (DE&I) initiatives, which are increasingly valued by investors.
• The CEO's appearance on a financial show discussing quarterly results, investments in alternative fuel technologies, and the growth in data centers likely instilled confidence in investors about the company's future prospects and strategic direction.
• The emphasis on hydrogen as a key component of Cummins' strategy for alternative fuels may have resonated well with environmentally conscious investors, contributing to the bullish sentiment surrounding the stock.

01.07.2024 - CMI Stock was down 1.4%

• Despite surpassing earnings and revenue expectations in Q2, Cummins (CMI) faced a strong bearish movement.
• Concerns about the company's future outlook despite strong quarterly results may have led to the negative market reaction.
• Potential headwinds like international market declines offsetting North America's performance could be worrying investors, contributing to a stock sell-off.
• Profit-taking by traders expecting higher numbers may have caused a short-term dip in the stock price.

02.07.2024 - CMI Stock was down 5.1%

• Cummins (CMI) stock had a strong bearish movement today despite positive news about the company's quarterly results and raised revenue guidance.
• The bearish movement could be attributed to profit-taking by investors after a significant jump in the morning session following the positive earnings report.
• Investors might be concerned about the sustainability of the increased demand across several markets, especially in North America, and potential challenges in maintaining this growth trajectory.
• Market sentiment might have shifted due to broader economic factors or industry-specific concerns impacting Cummins' stock price negatively despite the positive fundamental news.