Vetr lowered shares of Cummins Inc. (NYSE:CMI) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning. They currently have $141.73 target price on the stock.
Several other research analysts also recently weighed in on CMI. Goldman Sachs Group Inc. upgraded Cummins from a neutral rating to a buy rating and increased their price target for the stock from $134.00 to $162.00 in a research note on Tuesday, October 11th. Deutsche Bank AG increased their price target on Cummins from $111.00 to $112.00 and gave the stock a sell rating in a research note on Wednesday, October 12th. Barclays PLC increased their price target on Cummins from $105.00 to $108.00 and gave the stock an underweight rating in a research note on Wednesday, October 12th. Jefferies Group increased their price target on Cummins from $115.00 to $120.00 and gave the stock a hold rating in a research note on Thursday, September 1st. Finally, Credit Agricole SA started coverage on Cummins in a research note on Friday, September 30th. They set a buy rating and a $150.00 price target for the company. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $116.24.
Cummins (NYSE:CMI) opened at 127.05 on Tuesday. Cummins has a 52-week low of $79.88 and a 52-week high of $131.04. The company has a market cap of $21.34 billion, a PE ratio of 17.40 and a beta of 1.46. The firm has a 50-day moving average price of $123.47 and a 200-day moving average price of $118.27.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.25. The firm earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.62 EPS. On average, analysts forecast that Cummins will post $8.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be issued a $1.025 dividend. This is an increase from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s payout ratio is presently 55.93%.
In related news, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $127.50, for a total value of $637,500.00. Following the sale, the chief financial officer now directly owns 3,024 shares in the company, valued at approximately $385,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thaddeus B. Ewald sold 820 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased 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. Simmons Bank acquired a new stake in Cummins during the first quarter worth approximately $1,128,000. Geode Capital Management LLC increased its stake in Cummins by 4.9% in the first quarter. Geode Capital Management LLC now owns 1,490,520 shares of the company’s stock worth $163,573,000 after buying an additional 69,464 shares during the last quarter. Riverhead Capital Management LLC increased its stake in Cummins by 44.1% in the first quarter. Riverhead Capital Management LLC now owns 158,315 shares of the company’s stock worth $17,404,000 after buying an additional 48,454 shares during the last quarter. Finally, AXA increased its stake in Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock worth $116,118,000 after buying an additional 959,400 shares during the last quarter. Institutional investors and hedge funds own 81.29% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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