Cummins Inc. (CMI) Downgraded by Vetr Inc. to “Buy”
Vetr downgraded shares of Cummins Inc. (NYSE:CMI) from a strong-buy rating to a buy rating in a report issued on Tuesday morning. They currently have $141.73 target price on the stock.
A number of other research analysts have also recently commented on CMI. Deutsche Bank AG raised their target price on Cummins from $111.00 to $112.00 and gave the company a sell rating in a research note on Wednesday, October 12th. Barclays PLC raised their target price on Cummins from $105.00 to $108.00 and gave the company an underweight rating in a research note on Wednesday, October 12th. Citigroup Inc. lifted their price objective on Cummins from $115.00 to $120.00 and gave the company a neutral rating in a research note on Wednesday, August 3rd. Jefferies Group lifted their price objective on Cummins from $115.00 to $120.00 and gave the company a hold rating in a research note on Thursday, September 1st. Finally, William Blair set a $110.00 price objective on Cummins and gave the company a hold rating in a research note on Thursday, September 8th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company. Cummins currently has an average rating of Hold and an average target price of $116.24.
Cummins (NYSE:CMI) opened at 127.05 on Tuesday. Cummins has a 52 week low of $79.88 and a 52 week high of $131.04. The firm has a market capitalization of $21.34 billion, a price-to-earnings ratio of 17.40 and a beta of 1.46. The firm has a 50-day moving average price of $123.47 and a 200 day moving average price of $118.27.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the business posted $2.62 EPS. On average, equities research analysts forecast that Cummins will post $8.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be issued a dividend of $1.025 per share. This is an increase from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. This represents a $4.10 annualized dividend and a yield of 3.23%. Cummins’s dividend payout ratio (DPR) is currently 55.93%.
In other news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Wednesday, July 27th. The stock was 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 of the company’s stock, valued at $982,940. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total value of $718,916.20. Following the sale, the insider now directly owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Several large investors have recently bought and sold shares of CMI. Wellington Management Group LLP increased its stake in Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares in the last quarter. Simmons Bank bought a new position in Cummins during the first quarter worth approximately $1,128,000. Geode Capital Management LLC increased its position in Cummins by 4.9% in the first quarter. Geode Capital Management LLC now owns 1,490,520 shares of the company’s stock worth $163,573,000 after buying an additional 69,464 shares during the period. Riverhead Capital Management LLC increased its position in Cummins by 44.1% in the first quarter. Riverhead Capital Management LLC now owns 158,315 shares of the company’s stock worth $17,404,000 after buying an additional 48,454 shares during the period. Finally, AXA increased its position in Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock worth $116,118,000 after buying an additional 959,400 shares during the period. 81.29% of the stock is owned by institutional investors.
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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