Cummins Inc. (CMI) Lifted to “Buy” at ValuEngine
ValuEngine upgraded shares of Cummins Inc. (NYSE:CMI) from a hold rating to a buy rating in a report published on Friday.
A number of other analysts also recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Cummins from $155.00 to $160.00 and gave the stock a hold rating in a report on Thursday, June 15th. Zacks Investment Research downgraded shares of Cummins from a buy rating to a hold rating in a report on Wednesday, July 12th. Deutsche Bank AG boosted their price objective on shares of Cummins from $139.00 to $142.00 and gave the stock a sell rating in a report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a conviction-buy rating to a buy rating and set a $192.00 price objective on the stock. in a report on Monday, August 7th. Finally, Royal Bank Of Canada reissued a hold rating and set a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cummins currently has a consensus rating of Hold and a consensus target price of $156.21.
Cummins (CMI) opened at 159.36 on Friday. Cummins has a 52 week low of $116.03 and a 52 week high of $170.68. The company has a 50-day moving average of $159.16 and a 200-day moving average of $155.93. The stock has a market capitalization of $26.61 billion, a price-to-earnings ratio of 18.01 and a beta of 1.10.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 EPS. Analysts anticipate that Cummins will post $7.98 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a dividend of $1.08 per share. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date was Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. Cummins’s dividend payout ratio is presently 48.76%.
In related news, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares of the company’s stock, valued at $2,196,110.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The disclosure for this sale can be found here. Insiders have sold 58,233 shares of company stock worth $9,624,355 in the last three months. Insiders own 0.62% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CMI. Carroll Financial Associates Inc. lifted its stake in shares of Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the period. First Manhattan Co. lifted its stake in shares of Cummins by 4.2% during the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. Captrust Financial Advisors purchased a new position in shares of Cummins during the second quarter valued at approximately $137,000. First Interstate Bank lifted its stake in shares of Cummins by 26.3% during the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Finally, Acrospire Investment Management LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $146,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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