Barclays PLC Raises Cummins Inc. (CMI) Price Target to $108.00
Cummins Inc. (NYSE:CMI) had its target price lifted by equities research analysts at Barclays PLC from $105.00 to $108.00 in a research report issued on Wednesday. The firm currently has an “underweight” rating on the stock. Barclays PLC’s target price indicates a potential downside of 15.53% from the stock’s previous close.
Other analysts also recently issued reports about the company. Goldman Sachs Group Inc. upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $134.00 to $162.00 in a report on Tuesday. William Blair set a $110.00 price target on shares of Cummins and gave the company a “hold” rating in a research report on Thursday, September 8th. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Jefferies Group reaffirmed a “hold” rating and set a $115.00 price target on shares of Cummins in a research report on Thursday, July 7th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $114.00 price target on shares of Cummins in a research report on Monday, September 12th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $114.89.
Shares of Cummins (NYSE:CMI) traded up 0.07% during mid-day trading on Wednesday, reaching $127.95. The company had a trading volume of 299,426 shares. Cummins has a 12 month low of $79.88 and a 12 month high of $131.04. The firm’s 50-day moving average is $123.29 and its 200 day moving average is $117.66. The company has a market capitalization of $21.50 billion, a price-to-earnings ratio of 17.52 and a beta of 1.46.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The business earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. Cummins’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.62 earnings per share. On average, equities research analysts predict that Cummins will post $8.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be paid a $1.025 dividend. This is a positive change from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 annualized dividend and a yield of 3.21%. Cummins’s dividend payout ratio (DPR) is 55.93%.
In other news, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total transaction of $612,500.00. Following the completion of the sale, the chief financial officer now owns 8,024 shares in the company, valued at approximately $982,940. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of CMI. First Manhattan Co. raised its stake in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Cummins during the second quarter valued at about $109,000. Signaturefd LLC raised its stake in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock valued at $125,000 after buying an additional 162 shares during the last quarter. Kanaly Trust Co raised its stake in shares of Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the last quarter. Finally, FCM Investments TX raised its stake in shares of Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock valued at $135,000 after buying an additional 300 shares during the last quarter. 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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