Barclays PLC Increases Cummins Inc. (CMI) Price Target to $108.00
Cummins Inc. (NYSE:CMI) had its target price boosted by Barclays PLC from $105.00 to $108.00 in a report released on Wednesday. The brokerage currently has an “underweight” rating on the stock. Barclays PLC’s price objective indicates a potential downside of 14.37% from the company’s current price.
A number of other research analysts have also recently weighed in on CMI. Deutsche Bank AG started coverage on shares of Cummins in a research note on Tuesday, September 6th. They set a “sell” rating and a $111.00 target price on the stock. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Credit Agricole SA started coverage on shares of Cummins in a research note on Friday, September 30th. They set a “buy” rating and a $150.00 target price on the stock. Citigroup Inc. lifted their target price on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Finally, Jefferies Group restated a “hold” rating and set a $115.00 target price on shares of Cummins in a research note on Thursday, July 7th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $114.89.
Shares of Cummins (NYSE:CMI) opened at 126.13 on Wednesday. The firm’s 50-day moving average price is $123.38 and its 200-day moving average price is $117.79. Cummins has a one year low of $79.88 and a one year high of $131.04. The company has a market capitalization of $21.19 billion, a price-to-earnings ratio of 17.28 and a beta of 1.46.
Cummins (NYSE:CMI) last issued 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. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The firm earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter in the previous year, the firm posted $2.62 EPS. The company’s revenue for the quarter was down 9.7% compared to the same quarter last year. Analysts anticipate that Cummins will post $8.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be paid 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 yield of 3.25%. The ex-dividend date is Thursday, November 17th. Cummins’s dividend payout ratio is currently 55.93%.
In other Cummins news, insider Jill E. Cook sold 5,981 shares of the company’s stock in a transaction dated 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 directly owns 24,800 shares in the company, valued at approximately $2,980,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 $385,560. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. First Manhattan Co. increased its position in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares in the last quarter. BlueMountain Capital Management LLC acquired a new position in Cummins during the second quarter worth about $109,000. Signaturefd LLC increased its position in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares in the last quarter. Kanaly Trust Co increased its position in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares in the last quarter. Finally, FCM Investments TX increased its position in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 81.36% 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.
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