BMO Capital Markets Raises Cummins Inc. (CMI) Price Target to $190.00

Cummins Inc. (NYSE:CMI) had its target price upped by analysts at BMO Capital Markets from $185.00 to $190.00 in a research report issued on Wednesday, November 8th. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 17.90% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Argus raised their target price on shares of Cummins from $172.00 to $195.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Royal Bank Of Canada increased their price objective on shares of Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a report on Thursday, November 2nd. Jefferies Group LLC increased their price objective on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, November 1st. Robert W. Baird reaffirmed a “sell” rating and set a $155.00 price objective on shares of Cummins in a report on Wednesday, November 1st. Finally, Buckingham Research increased their price objective on shares of Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $176.20.

Shares of Cummins (NYSE CMI) traded up $0.50 during trading hours on Wednesday, hitting $161.16. 1,133,879 shares of the stock traded hands, compared to its average volume of 1,305,540. Cummins has a 52-week low of $134.06 and a 52-week high of $181.79. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. The company has a market cap of $26,664.26, a PE ratio of 16.31, a PEG ratio of 1.29 and a beta of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same quarter in the prior year, the business earned $2.02 EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. equities analysts forecast that Cummins will post 10.19 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Carroll Financial Associates Inc. lifted its position in shares of Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Cummins during the third quarter worth $132,000. Captrust Financial Advisors bought a new stake in shares of Cummins in the second quarter valued at about $137,000. Acrospire Investment Management LLC bought a new stake in shares of Cummins in the second quarter valued at about $146,000. Finally, First Interstate Bank raised its holdings in shares of Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after acquiring an additional 25 shares in the last quarter. 84.48% of the stock is owned by institutional investors.

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About Cummins

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.

Analyst Recommendations for Cummins (NYSE:CMI)

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