Cummins Inc. (CMI) Cut to Neutral at Longbow Research
Cummins Inc. (NYSE:CMI) was downgraded by equities research analysts at Longbow Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.
A number of other research analysts have also recently commented on the stock. Deutsche Bank AG reiterated a “sell” rating and set a $159.00 price target (up from $147.00) on shares of Cummins in a research report on Monday, October 9th. Wells Fargo & Company raised their target price on shares of Cummins from $184.50 to $190.00 and gave the stock a “market perform” rating in a report on Friday, October 6th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Tuesday, September 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 price target on shares of Cummins in a research note on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $164.91.
Shares of Cummins (CMI) opened at 172.62 on Thursday. The company’s 50 day moving average is $166.16 and its 200 day moving average is $159.30. The company has a market capitalization of $28.83 billion, a price-to-earnings ratio of 19.51 and a beta of 1.13. Cummins has a one year low of $121.22 and a one year high of $174.17.
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 company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $2.40 earnings per share. Equities research analysts predict that Cummins will post $7.98 earnings per share for the current year.
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In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,633 shares of company stock worth $2,942,108. Corporate insiders own 0.62% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CMI. Oxford Asset Management purchased a new stake in shares of Cummins during the 1st quarter worth $267,000. Financial Enhancement Group LLC raised its stake in Cummins by 5.8% in the first quarter. Financial Enhancement Group LLC now owns 30,655 shares of the company’s stock valued at $4,635,000 after buying an additional 1,680 shares during the last quarter. Independent Advisor Alliance raised its stake in Cummins by 31.8% in the first quarter. Independent Advisor Alliance now owns 1,460 shares of the company’s stock valued at $219,000 after buying an additional 352 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Cummins by 0.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 78,203 shares of the company’s stock valued at $11,825,000 after buying an additional 662 shares during the last quarter. Finally, Mason Street Advisors LLC raised its stake in Cummins by 1.4% in the first quarter. Mason Street Advisors LLC now owns 21,379 shares of the company’s stock valued at $3,233,000 after buying an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 80.38% 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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