Cummins Inc. (NYSE:CMI) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday. They currently have a $140.84 price target on the stock. Vetr‘s target price points to a potential downside of 0.32% from the company’s previous close.
CMI has been the topic of several other research reports. Deutsche Bank AG boosted their price target on shares of Cummins from $111.00 to $112.00 and gave the stock a “sell” rating in a research note on Wednesday, October 12th. assumed coverage on shares of Cummins in a research report on Friday, September 30th. They set a “buy” rating and a $150.00 target price on the stock. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their target price for the company from $134.00 to $162.00 in a research report on Tuesday, October 11th. Citigroup Inc. upped their target price on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Finally, Stifel Nicolaus restated a “hold” rating and set a $109.00 target price (up from $103.00) on shares of Cummins in a research report on Wednesday, November 2nd. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $118.99.
Cummins (NYSE:CMI) traded up 0.35% during mid-day trading on Monday, hitting $141.29. The company had a trading volume of 482,866 shares. The stock has a market capitalization of $23.68 billion, a PE ratio of 20.53 and a beta of 1.32. Cummins has a 1-year low of $79.88 and a 1-year high of $141.65. The stock has a 50 day moving average price of $130.27 and a 200-day moving average price of $121.68.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, topping the consensus estimate of $1.96 by $0.06. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Cummins had a net margin of 6.62% and a return on equity of 19.47%. The business’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.14 EPS. On average, analysts forecast that Cummins will post $8.17 earnings per share for the current year.
The company also recently announced 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 a boost from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a yield of 2.90%. Cummins’s dividend payout ratio is presently 59.33%.
In related news, CAO Marya M. Rose sold 5,450 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $136.40, for a total transaction of $743,380.00. Following the completion of the sale, the chief accounting officer now owns 20,193 shares of the company’s stock, valued at $2,754,325.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marsha L. Hunt sold 5,910 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $128.10, for a total transaction of $757,071.00. Following the sale, the vice president now directly owns 4,382 shares of the company’s stock, valued at approximately $561,334.20. 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. Wellington Management Group LLP boosted its stake in Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares during the last quarter. Mariner Wealth Advisors LLC bought a new position in Cummins during the first quarter worth about $320,000. Hancock Holding Co. bought a new position in Cummins during the first quarter worth about $912,000. AMP Capital Investors Ltd boosted its position in Cummins by 21.4% in the first quarter. AMP Capital Investors Ltd now owns 107,560 shares of the company’s stock worth $11,758,000 after buying an additional 18,988 shares in the last quarter. Finally, National Pension Service boosted its position in Cummins by 3.9% in the first quarter. National Pension Service now owns 112,614 shares of the company’s stock worth $12,381,000 after buying an additional 4,234 shares in the last quarter. 82.75% of the stock is owned by institutional investors.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.