The Cummins Inc. (CMI) Rating Increased to Buy at Goldman Sachs Group Inc.

The Cummins Inc. (CMI) Rating Increased to Buy at Goldman Sachs Group Inc.

Cummins Inc. (NYSE:CMI) was upgraded by research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $162.00 price objective on the stock, up from their prior price objective of $134.00. Goldman Sachs Group Inc.’s price target would suggest a potential upside of 26.79% from the stock’s current price.

A number of other equities analysts also recently issued reports on CMI. Citigroup Inc. increased their price target on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Jefferies Group increased their price target on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, September 1st. William Blair set a $110.00 price target on Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. BMO Capital Markets reissued a “market perform” rating and set a $114.00 price target on shares of Cummins in a research report on Monday, September 12th. Finally, Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $114.89.

Shares of Cummins (NYSE:CMI) opened at 127.77 on Tuesday. The firm’s 50 day moving average price is $123.35 and its 200-day moving average price is $117.73. The company has a market capitalization of $21.47 billion, a P/E ratio of 17.50 and a beta of 1.46. Cummins has a 1-year low of $79.88 and a 1-year high of $131.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter in the prior year, the company earned $2.62 EPS. The business’s revenue was down 9.7% compared to the same quarter last year. Analysts expect that Cummins will post $8.14 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be given a dividend of $1.025 per share. This is an increase from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a yield of 3.21%. Cummins’s dividend payout ratio (DPR) is presently 55.93%.

In other Cummins news, VP Thaddeus B. Ewald sold 820 shares of Cummins stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total value of $612,500.00. Following the completion of the sale, the chief financial officer now owns 8,024 shares in the company, valued at approximately $982,940. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.

A number of large investors have recently bought and sold shares of CMI. Pitcairn Co. increased its stake in Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock worth $229,000 after buying an additional 7 shares in the last quarter. Blue Chip Partners Inc. increased its stake in Cummins by 0.8% in the second quarter. Blue Chip Partners Inc. now owns 2,745 shares of the company’s stock worth $309,000 after buying an additional 23 shares in the last quarter. San Francisco Sentry Investment Group CA increased its stake in Cummins by 1.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 2,576 shares of the company’s stock worth $290,000 after buying an additional 25 shares in the last quarter. Burnham Asset Management Corp NY increased its stake in Cummins by 0.6% in the second quarter. Burnham Asset Management Corp NY now owns 3,985 shares of the company’s stock worth $448,000 after buying an additional 25 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its stake in Cummins by 2.2% in the second quarter. Proficio Capital Partners LLC now owns 1,228 shares of the company’s stock worth $150,000 after buying an additional 26 shares in the last quarter. Institutional investors own 81.36% of the company’s stock.

Cummins Company Profile

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