Cummins Inc. (CMI) Cut to “Buy” at Vetr Inc.
Cummins Inc. (NYSE:CMI) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday. They presently have a $141.73 price objective on the stock. Vetr‘s price target would suggest a potential upside of 11.55% from the stock’s current price.
Other equities analysts have also issued research reports about the company. William Blair set a $110.00 price target on Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Jefferies Group reiterated a “hold” rating and issued a $115.00 price target on shares of Cummins in a research note on Thursday, July 7th. BMO Capital Markets reiterated a “market perform” rating and issued a $114.00 price target on shares of Cummins in a research note on Monday, September 12th. Finally, Barclays PLC lifted their price target on Cummins from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Wednesday, October 12th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $116.24.
Cummins (NYSE:CMI) traded up 0.99% during midday trading on Tuesday, hitting $127.05. The stock had a trading volume of 1,335,815 shares. The company’s 50 day moving average price is $123.47 and its 200-day moving average price is $118.27. Cummins has a 52 week low of $79.88 and a 52 week high of $131.04. The stock has a market capitalization of $21.34 billion, a price-to-earnings ratio of 17.40 and a beta of 1.46.
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Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The company had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same quarter last year, the company posted $2.62 EPS. The company’s revenue for the quarter 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 fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be issued a dividend of $1.025 per share. This represents a $4.10 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, November 17th. This is a boost from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio (DPR) is 55.93%.
In related news, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jill E. Cook sold 5,980 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $125.05, for a total transaction of $747,799.00. Following the sale, the insider now owns 21,714 shares in the company, valued at approximately $2,715,335.70. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp raised its stake in Cummins by 13.1% in the first quarter. M&T Bank Corp now owns 34,253 shares of the company’s stock valued at $3,765,000 after buying an additional 3,963 shares in the last quarter. Credit Agricole S A raised its stake in Cummins by 1.8% in the first quarter. Credit Agricole S A now owns 341,917 shares of the company’s stock valued at $37,592,000 after buying an additional 6,156 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Cummins by 98.5% in the first quarter. Canada Pension Plan Investment Board now owns 245,413 shares of the company’s stock valued at $26,981,000 after buying an additional 121,800 shares in the last quarter. BB&T Securities LLC raised its stake in Cummins by 0.3% in the first quarter. BB&T Securities LLC now owns 19,133 shares of the company’s stock valued at $2,103,000 after buying an additional 52 shares in the last quarter. Finally, Hanlon Investment Management Inc. purchased a new stake in Cummins during the first quarter valued at approximately $8,331,000. Institutional investors own 81.29% 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.
To view Vetr’s full report, visit Vetr’s official website.
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