Cummins Inc. (CMI) Rating Increased to Buy at Goldman Sachs Group Inc.
Cummins Inc. (NYSE:CMI) was upgraded by analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $162.00 price target on the stock, up from their previous price target of $134.00. Goldman Sachs Group Inc.’s price target suggests a potential upside of 26.39% from the stock’s previous close.
A number of other equities research analysts have also issued reports on CMI. 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 report on Thursday, September 1st. Credit Agricole SA started coverage on shares of Cummins in a report on Friday, September 30th. They set a “buy” rating and a $150.00 price objective for the company. 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 report on Wednesday, August 3rd. William Blair set a $110.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $113.89.
Shares of Cummins (NYSE:CMI) traded up 1.69% on Tuesday, hitting $130.34. 479,668 shares of the stock traded hands. The firm has a market cap of $21.90 billion, a PE ratio of 17.85 and a beta of 1.46. Cummins has a 52-week low of $79.88 and a 52-week high of $130.96. The firm has a 50 day moving average price of $123.21 and a 200 day moving average price of $117.59.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/cummins-inc-cmi-stock-rating-upgraded-by-goldman-sachs-group-inc.html
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.62 EPS. On average, equities analysts forecast that Cummins will post $8.14 EPS for the current year.
In other Cummins news, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total value of $718,916.20. Following the transaction, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marsha L. Hunt sold 500 shares of Cummins stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the transaction, the vice president now owns 2,582 shares in the company, valued at approximately $326,003.32. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its position in Cummins by 19.1% in the second quarter. Capital World Investors now owns 9,599,846 shares of the company’s stock valued at $1,079,407,000 after buying an additional 1,540,865 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in Cummins by 4,343.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,172,302 shares of the company’s stock valued at $131,814,000 after buying an additional 1,145,917 shares during the period. AXA raised its position in Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock valued at $116,118,000 after buying an additional 959,400 shares during the period. Emerald Acquisition Ltd. bought a new position in Cummins during the second quarter valued at about $59,639,000. Finally, Bank of Montreal Can bought a new position in Cummins during the second quarter valued at about $53,030,000. Institutional investors own 81.36% of the company’s stock.
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.
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.