Cummins (CMI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a research note published on Friday. The firm currently has $193.00 price objective on the stock.
According to Zacks, “Cummins earnings and revenues topped the Zacks Consensus Estimate in the fourth-quarter. Both the metrics were higher than the year-ago figures. Moreover, the company provided a bullish outlook for fiscal 2018. It expects high profitability on the basis of higher sales and cost reduction initiatives in the current year. Cummins has also achieved its target of returning 50% of full-year operating cash flow to its shareholders in the form of share repurchases and dividends to boost their confidence in the company. It plans to achieve the same target in 2018 as well. Additionally, Cummins’ recent acquisitions in the electrified power segment will enable it to achieve the aim of being a leader in electrified power.”
Other equities analysts have also recently issued reports about the stock. Citigroup upped their price objective on shares of Cummins from $185.00 to $200.00 and gave the stock a neutral rating in a research report on Monday, February 5th. Robert W. Baird upped their price objective on shares of Cummins from $157.00 to $159.00 and gave the stock an underperform rating in a research report on Wednesday. Oppenheimer assumed coverage on shares of Cummins in a research report on Thursday, December 7th. They set an outperform rating and a $192.00 price objective for the company. Deutsche Bank set a $169.00 price objective on shares of Cummins and gave the stock a sell rating in a research report on Monday, February 5th. Finally, Stifel Nicolaus reiterated a hold rating and set a $190.00 price objective (up from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $188.18.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.65 by $0.38. The business had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.25 EPS. analysts predict that Cummins will post 12.29 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the business. State Board of Administration of Florida Retirement System grew its holdings in Cummins by 1.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 229,821 shares of the company’s stock worth $38,617,000 after acquiring an additional 3,700 shares during the last quarter. Kirr Marbach & Co. LLC IN bought a new stake in shares of Cummins in the 3rd quarter valued at $255,000. Boston Partners bought a new stake in shares of Cummins in the 3rd quarter valued at $416,229,000. FDx Advisors Inc. bought a new stake in shares of Cummins in the 3rd quarter valued at $685,000. Finally, IFM Investors Pty Ltd bought a new stake in shares of Cummins in the 3rd quarter valued at $742,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
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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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