Stifel Nicolaus Reiterates “Hold” Rating for Cummins Inc. (NYSE:CMI)
Cummins Inc. (NYSE:CMI)‘s stock had its “hold” rating restated by research analysts at Stifel Nicolaus in a report released on Tuesday. They presently have a $168.00 target price on the stock, up from their previous target price of $160.00. Stifel Nicolaus’ price target would indicate a potential upside of 5.12% from the stock’s current price.
Several other brokerages have also recently commented on CMI. Deutsche Bank AG reiterated a “sell” rating and issued a $154.00 price target (up from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada restated a “hold” rating and set a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies restated a “hold” rating and set a $159.00 price objective on shares of Cummins in a report on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $160.00 price objective (up previously from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. Cummins currently has an average rating of “Hold” and a consensus target price of $154.33.
Shares of Cummins (CMI) traded down 0.13% during trading on Tuesday, hitting $159.82. 1,294,751 shares of the stock were exchanged. The stock has a 50-day moving average of $163.10 and a 200 day moving average of $154.60. Cummins has a 12-month low of $116.03 and a 12-month high of $170.68. The stock has a market cap of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter last year, the firm posted $2.40 earnings per share. Cummins’s revenue was up 12.1% compared to the same quarter last year. Equities analysts predict that Cummins will post $7.98 earnings per share for the current fiscal year.
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In other news, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $165.00, for a total value of $3,720,750.00. Following the transaction, the chief operating officer now owns 14,131 shares in the company, valued at approximately $2,331,615. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Insiders sold a total of 60,636 shares of company stock worth $10,000,575 in the last quarter. 0.62% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. Commerce Bank boosted its stake in shares of Cummins by 11.8% in the second quarter. Commerce Bank now owns 16,897 shares of the company’s stock valued at $2,741,000 after buying an additional 1,790 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in shares of Cummins by 20.4% in the second quarter. Wesbanco Bank Inc. now owns 1,773 shares of the company’s stock valued at $287,000 after buying an additional 300 shares during the last quarter. Good Life Advisors LLC boosted its stake in shares of Cummins by 0.6% in the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after buying an additional 9 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Cummins by 20.3% in the second quarter. Principal Financial Group Inc. now owns 969,513 shares of the company’s stock valued at $157,274,000 after buying an additional 163,536 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Cummins during the second quarter valued at approximately $1,476,000. 80.34% of the stock is owned by institutional investors and hedge funds.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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