Cummins Inc. (CMI) Rating Increased to Buy at Goldman Sachs Group Inc.
Cummins Inc. (NYSE:CMI) was upgraded by analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $162.00 price target on the stock, up from their previous price target of $134.00. Goldman Sachs Group Inc.’s price target suggests a potential upside of 26.39% from the stock’s previous close.
A number of other equities research analysts have also issued reports on CMI. Jefferies Group increased their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a report on Thursday, September 1st. Credit Agricole SA started coverage on shares of Cummins in a report on Friday, September 30th. They set a “buy” rating and a $150.00 price objective for the company. Citigroup Inc. increased their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. William Blair set a $110.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $113.89.
Shares of Cummins (NYSE:CMI) traded up 1.69% on Tuesday, hitting $130.34. 479,668 shares of the stock traded hands. The firm has a market cap of $21.90 billion, a PE ratio of 17.85 and a beta of 1.46. Cummins has a 52-week low of $79.88 and a 52-week high of $130.96. The firm has a 50 day moving average price of $123.21 and a 200 day moving average price of $117.59.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.62 EPS. On average, equities analysts forecast that Cummins will post $8.14 EPS for the current year.
In other Cummins news, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total value of $718,916.20. Following the transaction, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marsha L. Hunt sold 500 shares of Cummins stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the transaction, the vice president now owns 2,582 shares in the company, valued at approximately $326,003.32. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its position in Cummins by 19.1% in the second quarter. Capital World Investors now owns 9,599,846 shares of the company’s stock valued at $1,079,407,000 after buying an additional 1,540,865 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in Cummins by 4,343.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,172,302 shares of the company’s stock valued at $131,814,000 after buying an additional 1,145,917 shares during the period. AXA raised its position in Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock valued at $116,118,000 after buying an additional 959,400 shares during the period. Emerald Acquisition Ltd. bought a new position in Cummins during the second quarter valued at about $59,639,000. Finally, Bank of Montreal Can bought a new position in Cummins during the second quarter valued at about $53,030,000. Institutional investors own 81.36% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
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