Zacks Investment Research Upgrades Cummins Inc. (CMI) to “Buy”
Cummins Inc. (NYSE:CMI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $187.00 price target on the stock. Zacks Investment Research‘s price target indicates a potential upside of 11.32% from the company’s previous close.
According to Zacks, “Zacks Consensus Estimate for Cummins’ quarterly earnings has been going up of late. The company expects to witness a growing trend in its truck and construction products’ demand, along with growth in global mining customers, which will have a positive impact on its sales figure. The company is also developing a Class 7 heavy-duty electric truck having a 140 kWh battery pack, to cater bus and commercial truck operators. Moreover, it has also provided an improved outlook for fiscal 2017. The company is also poised to benefit from its business expansions in China and acquisitions and partnerships in North America. Also, its shares have outperformed against the industry, year to date.”
Several other equities analysts have also recently issued reports on the company. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Stifel Nicolaus boosted their target price on Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Thursday, June 15th. Buckingham Research started coverage on Cummins in a research report on Tuesday, September 5th. They set a “buy” rating and a $180.00 target price on the stock. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 target price on shares of Cummins in a research report on Thursday, September 7th. Finally, Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $161.21.
Shares of Cummins (CMI) opened at 167.98 on Thursday. Cummins has a one year low of $119.41 and a one year high of $170.68. The firm has a 50-day moving average price of $158.40 and a 200 day moving average price of $157.01. The firm has a market capitalization of $28.05 billion, a price-to-earnings ratio of 18.99 and a beta of 1.10.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm posted $2.40 EPS. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts forecast that Cummins will post $7.98 earnings per share for the current fiscal year.
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In other Cummins news, CFO Pat Ward sold 5,000 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the sale, the chief financial officer now owns 245 shares in the company, valued at approximately $41,405. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the sale, the insider now owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,183 shares of company stock worth $7,320,858. 0.62% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in CMI. Carroll Financial Associates Inc. grew its holdings in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Captrust Financial Advisors acquired a new stake in Cummins during the 2nd quarter valued at $137,000. First Interstate Bank grew its holdings in Cummins by 26.3% during the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the last quarter. Acrospire Investment Management LLC acquired a new stake in Cummins during the 2nd quarter valued at $146,000. Finally, Harbour Capital Advisors LLC acquired a new stake in Cummins during the 1st quarter valued at $150,000. Hedge funds and other institutional investors own 80.38% of the company’s stock.
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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