Cummins Receives Conviction-Buy Rating from Goldman Sachs Group Inc. (CMI)
Cummins (NYSE:CMI)‘s stock had its “conviction-buy” rating restated by research analysts at Goldman Sachs Group Inc. in a report released on Wednesday, StockRatingsNetwork.com reports.
Shares of Cummins (NYSE:CMI) traded down 0.58% during mid-day trading on Wednesday, hitting $131.20. The stock had a trading volume of 328,371 shares. Cummins has a 52-week low of $85.88 and a 52-week high of $136.24. The stock has a 50-day moving average of $125.4 and a 200-day moving average of $117.1. The company has a market cap of $24.390 billion and a P/E ratio of 17.58.
Cummins (NYSE:CMI) last released its earnings data on Tuesday, July 30th. The company reported $2.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.99 by $0.21. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the prior year, the company posted $2.45 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts predict that Cummins will post $8.22 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on CMI. Analysts at Credit Suisse reiterated a “buy” rating on shares of Cummins (NYSE:CMI) in a research note to investors on Monday. They now have a $136.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Cummins (NYSE:CMI) from $134.00 to $140.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Cummins (NYSE:CMI) from $118.00 to $125.00 in a research note to investors on Friday, September 13th. They now have a “neutral” rating on the stock.
Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $129.83.
In other Cummins news, CFO Pat Ward sold 4,410 shares of Cummins stock on the open market in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $136.24, for a total transaction of $600,818.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Cummins Inc is a diesel engine manufacturer. The Company designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products, including filtration, exhaust aftertreatment, fuel systems, fuel systems, controls systems, air handling systems and electric power.
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