Piper Jaffray Companies Analysts Give Cummins Inc. (CMI) a $159.00 Price Target
Several other equities analysts have also recently weighed in on CMI. Deutsche Bank AG lifted their price objective on Cummins from $139.00 to $142.00 and gave the company a sell rating in a report on Tuesday, July 4th. Seaport Global Securities reissued a neutral rating on shares of Cummins in a research report on Tuesday, July 4th. Royal Bank Of Canada reissued a hold rating and issued a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Zacks Investment Research lowered Cummins from a buy rating to a hold rating in a research report on Wednesday, July 12th. Finally, ValuEngine lowered Cummins from a buy rating to a hold rating in a research report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Cummins presently has an average rating of Hold and a consensus price target of $164.91.
Cummins (NYSE CMI) opened at 175.02 on Monday. The firm has a market cap of $29.23 billion, a P/E ratio of 19.78 and a beta of 1.13. Cummins has a one year low of $121.22 and a one year high of $175.71. The stock has a 50 day moving average price of $167.60 and a 200-day moving average price of $159.80.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter last year, the firm earned $2.40 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts predict that Cummins will post $7.98 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is 48.76%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $676,000.00. Following the transaction, the insider now directly owns 41,902 shares in the company, valued at approximately $7,081,438. The disclosure for this sale can be found here. Insiders have sold a total of 17,633 shares of company stock worth $2,942,108 in the last ninety days. Insiders own 0.62% of the company’s stock.
Large investors have recently bought and sold shares of the business. AJO LP increased its position in shares of Cummins by 11,096.3% during the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock worth $186,530,000 after purchasing an additional 1,139,586 shares during the last quarter. AGF Investments America Inc. increased its position in shares of Cummins by 41.5% during the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock worth $6,270,000 after purchasing an additional 11,338 shares during the last quarter. Bank of America Corp DE increased its position in shares of Cummins by 8.6% during the 1st quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after purchasing an additional 62,046 shares during the last quarter. Delta Lloyd Asset Management N.V. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $3,466,000. Finally, Janus Capital Management LLC increased its position in shares of Cummins by 64.5% during the 1st quarter. Janus Capital Management LLC now owns 612,242 shares of the company’s stock worth $92,571,000 after purchasing an additional 240,040 shares during the last quarter. 80.31% of the stock is currently owned by hedge funds and other institutional investors.
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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