Cummins Inc. (CMI) Receives Average Recommendation of “Hold” from Analysts
Shares of Cummins Inc. (NYSE:CMI) have been given an average rating of “Hold” by the twenty ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $167.52.
A number of research analysts have issued reports on the stock. Deutsche Bank AG increased their target price on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Robert W. Baird reaffirmed a “sell” rating and issued a $153.00 target price on shares of Cummins in a report on Thursday, October 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price on shares of Cummins in a report on Thursday, September 7th. Finally, ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the transaction, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of CMI. Marvin & Palmer Associates Inc. lifted its holdings in shares of Cummins by 41.8% during the 1st quarter. Marvin & Palmer Associates Inc. now owns 34,525 shares of the company’s stock valued at $5,220,000 after acquiring an additional 10,175 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Cummins by 0.4% during the 1st quarter. Teachers Advisors LLC now owns 567,406 shares of the company’s stock valued at $85,792,000 after acquiring an additional 2,335 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Cummins by 2.8% during the 1st quarter. TIAA CREF Investment Management LLC now owns 770,433 shares of the company’s stock valued at $116,489,000 after acquiring an additional 20,754 shares in the last quarter. Clark Capital Management Group Inc. lifted its holdings in shares of Cummins by 42.1% during the 1st quarter. Clark Capital Management Group Inc. now owns 164,666 shares of the company’s stock valued at $24,898,000 after acquiring an additional 48,805 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Cummins by 105.0% during the 1st quarter. Royce & Associates LP now owns 20,500 shares of the company’s stock valued at $3,100,000 after acquiring an additional 10,500 shares in the last quarter. Institutional investors and hedge funds own 81.05% of the company’s stock.
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Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. During the same period last year, the company posted $2.02 earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.44%. Cummins’s dividend payout ratio (DPR) is presently 48.76%.
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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