Cummins Inc. (CMI) Price Target Raised to $190.00
Cummins Inc. (NYSE:CMI) had its price objective raised by BMO Capital Markets from $185.00 to $190.00 in a research report report published on Wednesday morning. The firm currently has a market perform rating on the stock.
CMI has been the subject of several other reports. Zacks Investment Research upgraded Cummins from a hold rating to a buy rating and set a $188.00 target price for the company in a report on Monday, October 2nd. Jefferies Group LLC upped their target price on Cummins from $165.00 to $180.00 and gave the stock a hold rating in a report on Wednesday, November 1st. Argus upped their target price on Cummins from $172.00 to $195.00 and gave the stock a buy rating in a report on Monday, November 6th. ValuEngine cut Cummins from a buy rating to a hold rating in a report on Tuesday, August 1st. Finally, Citigroup Inc. upped their target price on Cummins from $175.00 to $183.00 and gave the stock a neutral rating in a report on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Cummins has an average rating of Hold and a consensus price target of $173.96.
Shares of Cummins (NYSE CMI) traded up $0.99 during mid-day trading on Wednesday, hitting $168.95. The company’s stock had a trading volume of 1,350,800 shares, compared to its average volume of 1,308,241. Cummins has a twelve month low of $133.16 and a twelve month high of $181.79. The stock has a market cap of $28,040.12, a PE ratio of 17.15, a price-to-earnings-growth ratio of 1.38 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. During the same period in the prior year, the business earned $2.02 EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. analysts forecast that Cummins will post 10.12 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.
Large investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System increased its position in Cummins by 1.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 229,821 shares of the company’s stock valued at $38,617,000 after buying an additional 3,700 shares in the last quarter. AJO LP increased its position in Cummins by 11,096.3% during the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after buying an additional 1,139,586 shares in the last quarter. Kirr Marbach & Co. LLC IN acquired a new position in Cummins during the 3rd quarter valued at about $255,000. AGF Investments America Inc. increased its position in Cummins by 41.5% during the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock valued at $6,270,000 after buying an additional 11,338 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after purchasing an additional 62,046 shares during the period. 81.94% of the stock is currently owned by institutional investors.
Cummins Company Profile
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.
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