Cummins Inc. (NYSE:CMI) had its price target hoisted by investment analysts at Deutsche Bank AG from $111.00 to $112.00 in a research note issued to investors on Wednesday. The firm presently has a “sell” rating on the stock. Deutsche Bank AG’s target price would suggest a potential downside of 11.20% from the stock’s previous close.
Several other analysts have also recently weighed in on the company. Barclays PLC lifted their price target on Cummins from $105.00 to $108.00 and gave the stock an “underweight” rating in a report on Wednesday. Goldman Sachs Group Inc. raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $134.00 to $162.00 in a report on Tuesday. Credit Agricole SA assumed coverage on Cummins in a report on Friday, September 30th. They set a “buy” rating and a $150.00 price target for the company. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Finally, William Blair set a $110.00 price objective on Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. 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. The stock has a consensus rating of “Hold” and a consensus price target of $114.89.
Cummins (NYSE:CMI) opened at 126.13 on Wednesday. The firm has a market cap of $21.19 billion, a price-to-earnings ratio of 17.28 and a beta of 1.46. The stock’s 50 day moving average price is $123.38 and its 200 day moving average price is $117.79. Cummins has a 52 week low of $79.88 and a 52 week high of $131.04.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The business earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period last year, the firm posted $2.62 EPS. On average, equities research analysts predict that Cummins will post $8.14 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be given a $1.025 dividend. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from Cummins’s previous quarterly dividend of $0.98. Cummins’s payout ratio is 55.93%.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $127.50, for a total value of $637,500.00. Following the sale, the chief financial officer now owns 3,024 shares in the company, valued at approximately $385,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thaddeus B. Ewald sold 820 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in CMI. Motley Fool Wealth Management LLC raised its stake in Cummins by 3.7% in the first quarter. Motley Fool Wealth Management LLC now owns 61,803 shares of the company’s stock worth $6,795,000 after buying an additional 2,183 shares during the period. Crystal Rock Capital Management bought a new stake in Cummins during the first quarter worth approximately $1,825,000. UBS Asset Management Americas Inc. raised its stake in Cummins by 0.8% in the first quarter. UBS Asset Management Americas Inc. now owns 417,750 shares of the company’s stock worth $45,929,000 after buying an additional 3,135 shares during the period. Meeder Asset Management Inc. raised its stake in Cummins by 52.0% in the first quarter. Meeder Asset Management Inc. now owns 6,294 shares of the company’s stock worth $692,000 after buying an additional 2,154 shares during the period. Finally, Hanlon Investment Management Inc. bought a new stake in Cummins during the first quarter worth approximately $8,331,000. Hedge funds and other institutional investors own 81.36% of the company’s stock.
Cummins Company Profile