Cummins Inc. (NYSE:CMI) had its price target cut by equities research analysts at Deutsche Bank AG from $155.00 to $147.00 in a report issued on Wednesday, August 2nd. The brokerage presently has a “sell” rating on the stock. Deutsche Bank AG’s price objective suggests a potential downside of 5.52% from the company’s current price.
Other analysts also recently issued reports about the stock. Stifel Nicolaus raised their target price on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and set a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $156.21.
Shares of Cummins (NYSE CMI) traded down 0.42% on Wednesday, reaching $155.59. 1,307,795 shares of the company’s stock traded hands. Cummins has a 52 week low of $116.03 and a 52 week high of $170.68. The firm has a market capitalization of $25.98 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09. The company has a 50 day moving average price of $162.57 and a 200 day moving average price of $155.42.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $2.40 earnings per share. On average, equities research analysts predict that Cummins will post $7.98 earnings per share for the current fiscal year.
In other news, CFO Pat Ward sold 5,000 shares of Cummins 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 completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the sale, the vice president now directly owns 13,029 shares of the company’s stock, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,969 shares of company stock valued at $10,053,755. Company insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kalos Management Inc. increased its position in Cummins by 2.0% in the second quarter. Kalos Management Inc. now owns 17,729 shares of the company’s stock worth $2,876,000 after buying an additional 353 shares during the period. Ameritas Investment Partners Inc. increased its position in Cummins by 28.9% in the second quarter. Ameritas Investment Partners Inc. now owns 4,589 shares of the company’s stock worth $744,000 after buying an additional 1,030 shares during the period. Linscomb & Williams Inc. boosted its position in Cummins by 2.9% in the second quarter. Linscomb & Williams Inc. now owns 21,055 shares of the company’s stock worth $3,415,000 after buying an additional 589 shares in the last quarter. Security National Bank of SO Dak boosted its position in Cummins by 1.9% in the second quarter. Security National Bank of SO Dak now owns 4,856 shares of the company’s stock worth $788,000 after buying an additional 90 shares in the last quarter. Finally, Security National Bank of Sioux City Iowa IA boosted its position in Cummins by 1.7% in the second quarter. Security National Bank of Sioux City Iowa IA now owns 5,639 shares of the company’s stock worth $915,000 after buying an additional 95 shares in the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.
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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