Cummins Inc. (NYSE:CMI) was downgraded by research analysts at Goldman Sachs Group, Inc. (The) from a “conviction-buy” rating to a “buy” rating in a research note issued to investors on Monday, August 7th. They presently have a $192.00 price objective on the stock. Goldman Sachs Group, Inc. (The)’s price target points to a potential upside of 26.92% from the stock’s previous close.
Several other analysts have also recently issued reports on CMI. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a research note on Friday, August 4th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research note on Thursday, August 3rd. Jefferies Group LLC restated a “hold” rating and set a $165.00 price objective (up previously from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Deutsche Bank AG cut their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus upped their price objective on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. Cummins currently has a consensus rating of “Hold” and a consensus target price of $156.21.
Cummins (CMI) opened at 151.28 on Monday. The stock has a market cap of $25.26 billion, a P/E ratio of 17.10 and a beta of 1.09. The company’s 50-day moving average price is $162.07 and its 200-day moving average price is $155.44. Cummins has a 1-year low of $116.03 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 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 during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $2.40 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. Analysts predict that Cummins will post $7.98 EPS for the current year.
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In other Cummins news, CFO Pat Ward sold 14,050 shares of the stock in a transaction on Monday, June 19th. The stock was sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the completion of the transaction, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the transaction, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock valued at $10,053,755 over the last three months. Corporate insiders own 0.62% of the company’s stock.
A number of institutional investors have recently modified their holdings of CMI. BlackRock Inc. raised its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. AJO LP raised its position in shares of Cummins by 11,096.3% in the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock worth $186,530,000 after buying an additional 1,139,586 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Cummins by 434.1% in the second quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock worth $223,902,000 after buying an additional 1,121,833 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Cummins by 82.5% in the second quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock worth $319,426,000 after buying an additional 890,404 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Cummins by 784.9% in the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock worth $127,307,000 after buying an additional 696,090 shares during the last quarter. 80.66% of the stock is 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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