Cummins Inc. (CMI) Cut to “Buy” at Vetr Inc.
Cummins Inc. (NYSE:CMI) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday. They presently have a $141.73 price objective on the stock. Vetr‘s price objective points to a potential upside of 11.55% from the company’s current price.
Several other research analysts also recently commented on the stock. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $134.00 to $162.00 in a report on Tuesday, October 11th. Credit Agricole SA initiated coverage on shares of Cummins in a report on Friday, September 30th. They issued a “buy” rating and a $150.00 target price on the stock. Jefferies Group reiterated a “hold” rating and issued a $115.00 target price on shares of Cummins in a report on Thursday, July 7th. Deutsche Bank AG assumed coverage on shares of Cummins in a research report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price target on the stock. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $116.24.
Shares of Cummins (NYSE:CMI) traded up 0.99% during midday trading on Tuesday, hitting $127.05. 1,335,815 shares of the company’s stock traded hands. The company has a 50 day moving average price of $123.47 and a 200 day moving average price of $118.27. Cummins has a 1-year low of $79.88 and a 1-year high of $131.04. The firm has a market capitalization of $21.34 billion, a price-to-earnings ratio of 17.40 and a beta of 1.46.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.15 by $0.25. The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.62 EPS. Equities analysts anticipate that Cummins will post $8.14 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be given a dividend of $1.025 per share. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a yield of 3.23%. This is an increase from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio is currently 55.93%.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 3,024 shares in the company, valued at $385,560. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jill E. Cook sold 5,981 shares of the stock in a transaction that occurred on Tuesday, July 26th. The stock was 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 disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Anderson Hoagland & Co. increased its position in shares of Cummins by 11.1% in the third quarter. Anderson Hoagland & Co. now owns 5,833 shares of the company’s stock worth $747,000 after buying an additional 583 shares in the last quarter. Kessler Investment Group LLC increased its position in shares of Cummins by 1.5% in the third quarter. Kessler Investment Group LLC now owns 30,017 shares of the company’s stock worth $3,847,000 after buying an additional 454 shares in the last quarter. Capital Investment Advisors LLC increased its position in shares of Cummins by 43.1% in the third quarter. Capital Investment Advisors LLC now owns 23,845 shares of the company’s stock worth $3,056,000 after buying an additional 7,182 shares in the last quarter. Ronald Blue & Co. LLC increased its position in shares of Cummins by 8.9% in the third quarter. Ronald Blue & Co. LLC now owns 4,036 shares of the company’s stock worth $517,000 after buying an additional 330 shares in the last quarter. Finally, Laurel Grove Capital LLC increased its position in shares of Cummins by 0.5% in the third quarter. Laurel Grove Capital LLC now owns 29,535 shares of the company’s stock worth $3,785,000 after buying an additional 150 shares in the last quarter. Institutional investors 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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