Barclays PLC Raises Cummins Inc. (CMI) Price Target to $108.00
Cummins Inc. (NYSE:CMI) had its price target raised by equities researchers at Barclays PLC from $105.00 to $108.00 in a report released on Wednesday. The brokerage currently has an “underweight” rating on the stock. Barclays PLC’s price objective suggests a potential downside of 15.53% from the stock’s previous close.
Several other research firms have also commented on CMI. Deutsche Bank AG started coverage on shares of Cummins in a research report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price objective for the company. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Credit Agricole SA started coverage on shares of Cummins in a research 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 research report on Wednesday, August 3rd. Finally, Jefferies Group restated a “hold” rating and issued a $115.00 target price on shares of Cummins in a report on Thursday, July 7th. Four equities research 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $114.89.
Shares of Cummins (NYSE:CMI) traded up 0.07% during trading on Wednesday, reaching $127.95. 299,426 shares of the company were exchanged. Cummins has a 1-year low of $79.88 and a 1-year high of $131.04. The stock’s 50 day moving average is $123.29 and its 200 day moving average is $117.66. The company has a market capitalization of $21.50 billion, a price-to-earnings ratio of 17.52 and a beta of 1.46.
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Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter last year, the business earned $2.62 earnings per share. Cummins’s quarterly revenue was down 9.7% compared to the same quarter last year. Equities analysts anticipate that Cummins will post $8.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be issued a $1.025 dividend. This is a boost from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.21%. Cummins’s dividend payout ratio (DPR) is currently 55.93%.
In other news, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total value of $718,916.20. Following the sale, the insider now directly owns 24,800 shares in the company, valued at approximately $2,980,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thaddeus B. Ewald sold 820 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in CMI. First Manhattan Co. boosted its stake in 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 in the last quarter. BlueMountain Capital Management LLC bought a new stake in Cummins during the second quarter worth approximately $109,000. Kanaly Trust Co boosted its stake 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. Signaturefd LLC boosted its stake 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. Finally, FCM Investments TX boosted its stake 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. Institutional investors and hedge funds own 81.36% of the company’s stock.
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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