Cummins Inc. (CMI) Price Target Increased to $112.00 by Analysts at Deutsche Bank AG
Several other equities research analysts also recently weighed in on the company. Goldman Sachs Group Inc. raised Cummins from a neutral rating to a buy rating and increased their price target for the stock from $134.00 to $162.00 in a research report on Tuesday. Credit Agricole SA initiated coverage on Cummins in a research report on Friday, September 30th. They set a buy rating and a $150.00 price target on the stock. 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. Standpoint Research downgraded Cummins from a buy rating to a hold rating in a research report on Thursday, July 14th. 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 equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $114.89.
Cummins (NYSE:CMI) traded down 1.59% during mid-day trading on Wednesday, hitting $125.74. The stock had a trading volume of 532,124 shares. Cummins has a 52 week low of $79.88 and a 52 week high of $131.04. The firm has a market cap of $21.12 billion, a PE ratio of 17.22 and a beta of 1.46. The company’s 50 day moving average price is $123.35 and its 200 day moving average price is $117.73.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.25. The company had revenue of $4.50 billion for 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%. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period last year, the firm earned $2.62 EPS. Analysts anticipate that Cummins will post $8.14 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be paid a dividend of $1.025 per share. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Cummins’s previous quarterly dividend of $0.98. Cummins’s payout ratio is presently 55.93%.
In related news, VP Thaddeus B. Ewald sold 820 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction 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 transaction, 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. Corporate insiders own 0.57% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. First Manhattan Co. boosted 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 worth $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC bought a new stake in shares of Cummins during the second quarter worth $109,000. Kanaly Trust Co boosted 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 worth $125,000 after buying an additional 34 shares during the period. Signaturefd LLC boosted 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 worth $125,000 after buying an additional 162 shares during the period. Finally, FCM Investments TX boosted 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 worth $135,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 81.36% of the company’s stock.
Cummins Company Profile
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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