Cummins Inc.'s stock climbed to its highest level in more than six months after CNBC’s Jim Cramer cited the maker of heavy-duty engines as a potential gainer from a rally in oil and commodities.
The shares rose 5.9 percent, to close at $113.71 each Wednesday, their highest closing price since Oct. 8.
The price of West Texas Intermediate crude oil for May delivery has been rallying, closing up 4.5 percent Tuesday, when Cramer made his comment after the stock close in New York.
“So when oil goes up like it did today, a whole host of companies go up with it,” Cramer said on “Mad Money,” naming Cummins along with other industrial-related companies such as Honeywell International Inc. and Caterpillar Inc. Citing recent weakness in the truck market, which Cummins supplies engines for, he said the company remains strong because of its ties to an improving commodities outlook.
Shares of the Columbus-based company have gained 29 percent this year through Tuesday’s close.