Cummins Inc. (CMI) Receives $119.94 Consensus Target Price from Brokerages
Shares of Cummins Inc. (NYSE:CMI) have been assigned an average rating of “Hold” from the twenty-five brokerages that are currently covering the stock. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $119.94.
Several analysts recently issued reports on the company. Vetr downgraded Cummins from a “strong-buy” rating to a “buy” rating and set a $141.73 price target for the company. in a report on Tuesday, October 18th. Goldman Sachs Group Inc. upgraded Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $134.00 to $162.00 in a research note on Tuesday, October 11th. BMO Capital Markets restated a “market perform” rating and set a $114.00 target price on shares of Cummins in a research note on Monday, September 12th. William Blair set a $110.00 target price on Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Finally, 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.
Shares of Cummins (NYSE:CMI) opened at 137.81 on Tuesday. Cummins has a 12-month low of $79.88 and a 12-month high of $141.65. The stock has a market capitalization of $23.10 billion, a P/E ratio of 20.03 and a beta of 1.32. The stock has a 50 day moving average price of $126.65 and a 200 day moving average price of $120.09.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.06. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The firm earned $4.49 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the firm earned $2.14 EPS. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. On average, equities analysts anticipate that Cummins will post $8.17 earnings per share for the current fiscal year.
The business also recently disclosed 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. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio (DPR) is currently 59.33%.
In related news, VP Marsha L. Hunt sold 5,910 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $128.10, for a total transaction of $757,071.00. Following the transaction, the vice president now owns 4,382 shares in the company, valued at $561,334.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.57% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Manhattan Co. raised its position in 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 period. BlueMountain Capital Management LLC acquired a new position in Cummins during the second quarter valued at about $109,000. Penserra Capital Management LLC raised its position in Cummins by 100.0% in the third quarter. Penserra Capital Management LLC now owns 972 shares of the company’s stock valued at $124,000 after buying an additional 486 shares during the period. Kanaly Trust Co raised its position in 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 period. Finally, Signaturefd LLC raised its position in 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 period. Institutional investors and hedge funds own 80.88% 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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