Piper Jaffray Companies reaffirmed their hold rating on shares of Cummins Inc. (NYSE:CMI) in a research report released on Tuesday morning. The brokerage currently has a $159.00 price target on the stock.
A number of other equities research analysts also recently weighed in on CMI. ValuEngine upgraded shares of Cummins from a hold rating to a buy rating in a research note on Friday, June 2nd. Stifel Nicolaus lifted their price target on shares of Cummins from $155.00 to $160.00 and gave the stock a hold rating in a research note on Thursday, June 15th. Zacks Investment Research downgraded shares of Cummins from a buy rating to a hold rating in a research note on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a conviction-buy rating to a buy rating and set a $192.00 price target on the stock. in a research note on Monday, August 7th. Finally, Deutsche Bank AG lifted their price target on shares of Cummins from $139.00 to $142.00 and gave the stock a sell rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. Cummins presently has an average rating of Hold and an average target price of $160.58.
Cummins (CMI) opened at 165.51 on Tuesday. Cummins has a 52 week low of $116.87 and a 52 week high of $170.68. The stock has a 50 day moving average of $158.48 and a 200 day moving average of $156.33. The stock has a market capitalization of $27.64 billion, a P/E ratio of 18.71 and a beta of 1.10.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm posted $2.40 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that Cummins will post $7.98 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a $1.08 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.61%. Cummins’s dividend payout ratio is 48.76%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders sold a total of 58,233 shares of company stock valued at $9,624,355 over the last quarter. 0.62% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Carroll Financial Associates Inc. boosted its holdings in shares of Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $137,000. First Interstate Bank boosted its holdings in shares of Cummins by 26.3% in the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the last quarter. Acrospire Investment Management LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $146,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $150,000. 80.43% of the stock is owned by hedge funds and other institutional investors.
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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