Cummins Inc. (CMI) Raised to “Buy” at Goldman Sachs Group Inc.
Cummins Inc. (NYSE:CMI) was upgraded by stock analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $162.00 price target on the stock, up from their prior price target of $134.00. Goldman Sachs Group Inc.’s target price points to a potential upside of 26.39% from the company’s current price.
Other analysts also recently issued reports about the stock. William Blair set a $110.00 target price on shares of Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. Jefferies Group increased their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, September 1st. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. BMO Capital Markets reissued a “market perform” rating and set a $114.00 price objective on shares of Cummins in a research report on Monday, September 12th. Finally, Citigroup Inc. increased their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $113.89.
Cummins (NYSE:CMI) traded up 0.92% during trading on Tuesday, hitting $129.35. 1,135,352 shares of the stock traded hands. The company has a market cap of $21.73 billion, a P/E ratio of 17.72 and a beta of 1.46. The firm has a 50-day moving average price of $123.21 and a 200 day moving average price of $117.59. Cummins has a 52-week low of $79.88 and a 52-week high of $131.04.
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Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company’s revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.62 EPS. On average, equities analysts expect that Cummins will post $8.14 EPS for the current year.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $127.50, for a total transaction of $637,500.00. Following the completion of the sale, the chief financial officer now directly owns 3,024 shares of the company’s stock, valued at approximately $385,560. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marsha L. Hunt sold 500 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $126.26, for a total transaction of $63,130.00. Following the sale, the vice president now directly owns 2,582 shares of the company’s stock, valued at $326,003.32. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. First Manhattan Co. raised its stake in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC acquired a new position in Cummins during the second quarter worth $109,000. Signaturefd LLC raised its position in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares during the period. Kanaly Trust Co raised its position in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares during the period. Finally, FCM Investments TX raised its position in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares during the period. 81.36% of the stock is owned by institutional investors and hedge funds.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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