Morgan Stanley Initiates Coverage on Cummins (CMI)
Equities research analysts at Morgan Stanley assumed coverage on shares of Cummins (NYSE:CMI) in a research note issued to investors on Thursday, Analyst Ratings Net reports. The firm set an “equal weight” rating on the stock.
CMI has been the subject of a number of other recent research reports. Analysts at Thomson Reuters/Verus upgraded shares of Cummins from a “sell” rating to a “hold” rating in a research note on Monday. Separately, analysts at ISI Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating in a research note on Monday. They now have a $161.00 price target on the stock. Finally, analysts at Deutsche Bank initiated coverage on shares of Cummins in a research note on Thursday, February 20th. They set a “buy” rating and a $170.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $142.80.
Cummins (NYSE:CMI) traded down 0.41% on Thursday, hitting $145.30. 1,734,106 shares of the company’s stock traded hands. Cummins has a 52 week low of $103.41 and a 52 week high of $148.60. The stock has a 50-day moving average of $135.7 and a 200-day moving average of $132.6. The company has a market cap of $26.938 billion and a price-to-earnings ratio of 18.45.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 6th. The company reported $2.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.98 by $0.34. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the prior year, the company posted $2.00 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts predict that Cummins will post $8.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 3rd. Investors of record on Friday, February 21st will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Wednesday, February 19th.
In other Cummins news, VP Steven Chapman sold 4,500 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $145.00, for a total transaction of $652,500.00. Following the completion of the sale, the vice president now directly owns 15,286 shares in the company, valued at approximately $2,216,470. The sale was disclosed in a document filed with the SEC, 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.