A number of other equities analysts have also recently issued reports on CMI. Standpoint Research cut Cummins from a buy rating to a hold rating in a report on Thursday, July 14th. Jefferies Group reiterated a hold rating and set a $115.00 price objective on shares of Cummins in a report on Thursday, July 7th. William Blair set a $110.00 price objective on Cummins and gave the company a hold rating in a report on Thursday, September 8th. BMO Capital Markets reiterated a market perform rating and set a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Finally, Citigroup Inc. lifted their price objective on Cummins from $115.00 to $120.00 and gave the company a neutral rating in a report on Wednesday, August 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $111.35.
Cummins (NYSE:CMI) opened at 127.31 on Friday. The firm has a market cap of $21.39 billion, a P/E ratio of 17.44 and a beta of 1.46. Cummins has a 12-month low of $79.88 and a 12-month high of $129.26. The company has a 50-day moving average price of $122.88 and a 200-day moving average price of $116.99.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. The firm earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The company’s revenue was down 9.7% on a year-over-year basis. During the same period last year, the company earned $2.62 earnings per share. On average, analysts predict that Cummins will post $8.14 earnings per share for the current year.
In related news, VP Thaddeus B. Ewald sold 820 shares of the business’s 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total value of $718,916.20. Following the completion of the sale, the insider now owns 24,800 shares of the company’s stock, valued at $2,980,960. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CMI. First Manhattan Co. increased its stake in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC purchased a new stake in Cummins during the second quarter valued at about $109,000. Kanaly Trust Co increased its stake in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the period. Signaturefd LLC increased its stake in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock valued at $125,000 after buying an additional 162 shares during the period. Finally, FCM Investments TX increased its stake in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock valued at $135,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 81.36% of the company’s stock.
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.
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