Cummins Inc. (CMI) Price Target Raised to $112.00 at Deutsche Bank AG
Cummins Inc. (NYSE:CMI) had its target price increased by investment analysts at Deutsche Bank AG from $111.00 to $112.00 in a research note issued to investors on Wednesday. The firm currently has a “sell” rating on the stock. Deutsche Bank AG’s target price would indicate a potential downside of 12.40% from the stock’s current price.
CMI has been the subject of a number of other reports. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $134.00 to $162.00 in a research note on Tuesday. BMO Capital Markets reiterated a “market perform” rating and issued a $114.00 price objective on shares of Cummins in a research note on Monday, September 12th. William Blair set a $110.00 price objective on shares of Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Barclays PLC lifted their price objective on shares of Cummins from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Jefferies Group lifted their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, September 1st. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the stock. Cummins currently has an average rating of “Hold” and an average price target of $114.89.
Shares of Cummins (NYSE:CMI) traded up 0.07% during midday trading on Wednesday, hitting $127.95. The stock had a trading volume of 299,426 shares. The company has a market cap of $21.50 billion, a price-to-earnings ratio of 17.52 and a beta of 1.46. The stock’s 50-day moving average price is $123.29 and its 200 day moving average price is $117.66. 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 data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same period in the previous year, the business earned $2.62 EPS. Cummins’s revenue was down 9.7% compared to the same quarter last year. On average, equities analysts forecast that Cummins will post $8.14 earnings per share 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 given a $1.025 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.21%. This is a boost from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio (DPR) is presently 55.93%.
In related news, insider Jill E. Cook sold 5,981 shares of Cummins 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 transaction, the insider now owns 24,800 shares in the company, valued at approximately $2,980,960. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Friday, August 12th. The stock was sold at an average price of $127.50, for a total transaction of $637,500.00. Following the completion of the transaction, the chief financial officer now owns 3,024 shares in the company, valued at approximately $385,560. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Capital World Investors boosted its position in shares of Cummins by 19.1% in the second quarter. Capital World Investors now owns 9,599,846 shares of the company’s stock worth $1,079,407,000 after buying an additional 1,540,865 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Cummins by 4,343.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,172,302 shares of the company’s stock worth $131,814,000 after buying an additional 1,145,917 shares during the last quarter. AXA boosted its position in shares of 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. Emerald Acquisition Ltd. acquired a new position in shares of Cummins during the second quarter worth approximately $59,639,000. Finally, Bank of Montreal Can acquired a new position in shares of Cummins during the second quarter worth approximately $53,030,000. Institutional investors 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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