Cummins Inc. (NYSE:CMI) Receives Consensus Rating of “Hold” from Analysts
Shares of Cummins Inc. (NYSE:CMI) have been given an average recommendation of “Hold” by the twenty brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $151.84.
Several analysts recently issued reports on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $161.00 price target on shares of Cummins in a report on Wednesday, July 12th. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Wednesday, July 12th. Barclays PLC set a $137.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Saturday, April 1st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Thursday. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a research note on Tuesday, July 4th.
In related news, CEO Norman Thomas Linebarger sold 24,000 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total value of $3,912,000.00. Following the completion of the transaction, the chief executive officer now owns 24,607 shares in the company, valued at approximately $4,010,941. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares of the company’s stock, valued at approximately $6,892,879. The disclosure for this sale can be found here. Insiders have sold 79,176 shares of company stock valued at $12,900,695 in the last 90 days. Insiders own 0.62% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CMI. Breton Hill Capital Ltd. raised its position in shares of Cummins by 28.7% in the second quarter. Breton Hill Capital Ltd. now owns 9,138 shares of the company’s stock worth $1,482,000 after buying an additional 2,040 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its position in shares of Cummins by 46.8% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 16,428 shares of the company’s stock worth $2,626,000 after buying an additional 5,239 shares in the last quarter. Huntington National Bank raised its position in shares of Cummins by 42.8% in the second quarter. Huntington National Bank now owns 2,659 shares of the company’s stock worth $431,000 after buying an additional 797 shares in the last quarter. APG Asset Management N.V. raised its position in shares of Cummins by 0.8% in the second quarter. APG Asset Management N.V. now owns 1,598,972 shares of the company’s stock worth $259,385,000 after buying an additional 13,100 shares in the last quarter. Finally, Investment House LLC raised its position in shares of Cummins by 0.9% in the second quarter. Investment House LLC now owns 30,774 shares of the company’s stock worth $4,992,000 after buying an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 80.15% of the company’s stock.
Shares of Cummins (CMI) traded up 0.76% during trading on Monday, hitting $166.47. 1,316,025 shares of the stock traded hands. The company’s 50 day moving average is $162.00 and its 200 day moving average is $153.37. The firm has a market cap of $27.85 billion, a PE ratio of 19.08 and a beta of 1.08. Cummins has a 52-week low of $116.03 and a 52-week high of $167.17.
Cummins (NYSE:CMI) last posted its quarterly 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. The firm had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.87 earnings per share. On average, equities research analysts predict that Cummins will post $7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.60%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 46.96%.
Cummins Company Profile
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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