Cummins Sets New 52-Week High After Better-Than-Expected Earnings (CMI)
Shares of Cummins (NYSE:CMI) hit a new 52-week high on Tuesday following a stronger than expected earnings report, AnalystRatings.Net reports. The stock traded as high as $151.80 and last traded at $149.92, with a volume of 1,670,395 shares trading hands. The stock had previously closed at $145.20.
The company reported $1.83 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.68 by $0.15. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter last year, the company posted $1.49 earnings per share. Cummins’s revenue was up 12.3% compared to the same quarter last year.
A number of research firms have recently commented on CMI. Analysts at Robert W. Baird raised their price target on shares of Cummins from $139.00 to $144.00 in a research note on Tuesday, April 22nd. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Cummins in a research note on Thursday, April 10th. They now have a $140.00 price target on the stock, up previously from $128.00. Finally, analysts at Zacks upgraded shares of Cummins from an “underperform” rating to a “neutral” rating in a research note on Thursday, April 3rd. They now have a $157.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $151.20.
The stock has a 50-day moving average of $144.9 and a 200-day moving average of $137.4. The company has a market cap of $27.776 billion and a P/E ratio of 18.36.
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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