Cummins’ (CMI) Hold Rating Reiterated at Jefferies Group LLC
Cummins Inc. (NYSE:CMI)‘s stock had its “hold” rating reaffirmed by equities researchers at Jefferies Group LLC in a note issued to investors on Wednesday. They presently have a $165.00 price objective on the stock, up from their prior price objective of $160.00. Jefferies Group LLC’s target price indicates a potential upside of 3.24% from the company’s previous close. Jefferies Group also issued estimates for Cummins’ Q3 2017 earnings at $2.47 EPS, Q4 2017 earnings at $2.64 EPS, FY2017 earnings at $10.00 EPS, FY2018 earnings at $11.15 EPS and FY2019 earnings at $12.30 EPS.
A number of other analysts have also weighed in on CMI. Stifel Nicolaus upped their price objective on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research note on Wednesday, August 2nd. Deutsche Bank AG lowered their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research note on Wednesday, August 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $161.00 price objective on shares of Cummins in a research note on Wednesday, July 12th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 price objective on shares of Cummins in a research note on Wednesday, July 12th. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. Cummins currently has an average rating of “Hold” and a consensus price target of $154.33.
Shares of Cummins (NYSE:CMI) traded down 0.13% during midday trading on Wednesday, reaching $159.82. The company’s stock had a trading volume of 1,294,751 shares. The stock has a market capitalization of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09. The stock’s 50-day moving average is $163.10 and its 200 day moving average is $154.60. Cummins has a 12 month low of $116.03 and a 12 month high of $170.68.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the company earned $2.40 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, analysts expect that Cummins will post $7.98 earnings per share for the current fiscal year.
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In other news, VP Anant Talaulicar sold 1,650 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the transaction, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Alexis M. Herman sold 1,300 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the transaction, the director now owns 29,656 shares in the company, valued at approximately $4,720,048.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,636 shares of company stock worth $10,000,575. Corporate insiders own 0.62% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. increased its position in shares of Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock valued at $1,285,000 after buying an additional 3,100 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in shares of Cummins by 3.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 133,730 shares of the company’s stock valued at $20,220,000 after buying an additional 4,724 shares during the period. Manning & Napier Advisors LLC increased its position in shares of Cummins by 8.7% in the first quarter. Manning & Napier Advisors LLC now owns 25,883 shares of the company’s stock valued at $3,912,000 after buying an additional 2,071 shares during the period. Fulton Bank N.A. acquired a new position in shares of Cummins during the first quarter valued at $1,014,000. Finally, Acropolis Investment Management LLC increased its position in shares of Cummins by 1.5% in the first quarter. Acropolis Investment Management LLC now owns 9,072 shares of the company’s stock valued at $1,372,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 80.34% of the company’s stock.
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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