Cummins Inc. (CMI) Downgraded to “Buy” at Goldman Sachs Group, Inc. (The)
Cummins Inc. (NYSE:CMI) was downgraded by research analysts at Goldman Sachs Group, Inc. (The) from a “conviction-buy” rating to a “buy” rating in a report released on Monday, The Fly reports.
Other analysts have also issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $160.00 price target (up previously from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $154.33.
Shares of Cummins (NYSE:CMI) traded down 0.13% during trading on Monday, reaching $159.82. The company had a trading volume of 1,294,751 shares. The firm has a 50-day moving average of $163.10 and a 200-day moving average of $154.60. The company has a market cap of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09. Cummins has a 12-month low of $116.03 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 EPS. On average, equities research analysts anticipate that Cummins will post $7.98 EPS for the current year.
In other news, Director Alexis M. Herman sold 1,300 shares of Cummins stock in a transaction on 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 directly owns 29,656 shares of the company’s stock, valued at $4,720,048.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the transaction, the chief operating officer now directly owns 14,131 shares in the company, valued at $2,331,615. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,636 shares of company stock worth $10,000,575. Insiders own 0.62% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares in the last quarter. BlackRock Inc. boosted its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. American International Group Inc. boosted its position in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares in the last quarter. 80.34% of the stock is currently owned by 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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