Cummins Inc. (CMI) Receives Consensus Recommendation of “Hold” from Brokerages
Cummins Inc. (NYSE:CMI) has been given an average recommendation of “Hold” by the twenty research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $151.40.
Several equities research analysts have weighed in on the company. Deutsche Bank AG reaffirmed a “sell” rating and set a $154.00 price target (up from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. Finally, Barclays PLC set a $137.00 price target on Cummins and gave the stock a “hold” rating in a research report on Saturday, April 1st.
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Shares of Cummins (NYSE:CMI) traded down 0.44% during mid-day trading on Tuesday, hitting $158.20. The company had a trading volume of 1,279,103 shares. The company has a 50-day moving average price of $157.81 and a 200-day moving average price of $149.48. Cummins has a 1-year low of $105.33 and a 1-year high of $164.23. The company has a market capitalization of $26.47 billion, a price-to-earnings ratio of 18.14 and a beta of 1.06.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.55. Cummins had a return on equity of 20.87% and a net margin of 8.25%. The firm had revenue of $4.59 billion for the quarter, compared to the consensus estimate of $4.15 billion. During the same period in the prior year, the firm earned $1.87 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that Cummins will post $7.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 19th were given a dividend of $1.025 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Wednesday, May 17th. Cummins’s dividend payout ratio (DPR) is presently 46.96%.
In related news, CFO Pat Ward sold 14,050 shares of the firm’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold a total of 52,626 shares of company stock worth $8,521,945 over the last 90 days. Insiders own 0.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Guggenheim Capital LLC raised its position in shares of Cummins by 24.0% in the fourth quarter. Guggenheim Capital LLC now owns 399,785 shares of the company’s stock worth $54,638,000 after buying an additional 77,478 shares in the last quarter. Pinnacle Bank bought a new position in shares of Cummins during the first quarter worth $105,000. World Asset Management Inc raised its position in shares of Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock worth $2,525,000 after buying an additional 1,528 shares in the last quarter. Private Trust Co. NA bought a new position in shares of Cummins during the first quarter worth $250,000. Finally, Alambic Investment Management L.P. raised its position in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares in the last quarter. 80.09% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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