Cummins (CMI) Shares Gap Down After Analyst Downgrade
Cummins Inc. (NYSE:CMI)’s share price gapped down prior to trading on Wednesday after TheStreet downgraded the stock from a b rating to a c+ rating. The stock had previously closed at $176.06, but opened at $174.83. Cummins shares last traded at $173.78, with a volume of 1604972 shares changing hands.
Other equities analysts have also recently issued research reports about the company. Citigroup boosted their price target on Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday. Robert W. Baird boosted their price target on Cummins from $157.00 to $159.00 and gave the company an “underperform” rating in a research report on Wednesday. Oppenheimer began coverage on Cummins in a research report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 price target on the stock. Deutsche Bank set a $169.00 price target on Cummins and gave the company a “sell” rating in a research report on Monday. Finally, Stifel Nicolaus restated a “hold” rating and issued a $190.00 price target (up previously from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $185.96.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Boston Partners boosted its stake in shares of Cummins by 33.1% during the 4th quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after acquiring an additional 819,719 shares in the last quarter. APG Asset Management N.V. boosted its stake in shares of Cummins by 5.4% during the 4th quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock worth $303,894,000 after acquiring an additional 105,100 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of Cummins by 2.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after acquiring an additional 39,674 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Cummins by 0.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,980,849 shares of the company’s stock worth $332,843,000 after acquiring an additional 11,714 shares in the last quarter. Finally, Investec Asset Management LTD boosted its stake in shares of Cummins by 14.7% during the 3rd quarter. Investec Asset Management LTD now owns 1,939,429 shares of the company’s stock worth $325,882,000 after acquiring an additional 249,170 shares in the last quarter. 82.46% of the stock is currently owned by institutional investors.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.65 by $0.38. The business had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.25 EPS. research analysts forecast that Cummins Inc. will post 11.84 EPS for the current year.
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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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