Cummins Inc. (NYSE:CMI) has been assigned a $110.00 price objective by William Blair in a research note issued on Thursday. The firm presently has a a “hold” rating on the stock. William Blair’s price objective suggests a potential downside of 5.83% from the stock’s current price.
Several other research firms also recently issued reports on CMI. Citigroup Inc. boosted their price objective on shares of Cummins from $100.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, May 13th. Deutsche Bank AG started coverage on shares of Cummins in a research note on Tuesday. They set a “sell” rating and a $111.00 price objective for the company. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Finally, Jefferies Group reiterated a “hold” rating and set a $115.00 price objective on shares of Cummins in a research note on Thursday, July 7th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. Cummins has an average rating of “Hold” and a consensus target price of $103.27.
Shares of Cummins (NYSE:CMI) traded down 2.56% on Thursday, reaching $116.81. 1,263,161 shares of the company’s stock traded hands. The stock has a market capitalization of $19.62 billion, a PE ratio of 16.00 and a beta of 1.48. The company has a 50 day moving average of $123.81 and a 200-day moving average of $114.42. Cummins has a 52 week low of $79.88 and a 52 week high of $127.64.
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Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the firm earned $2.62 earnings per share. Cummins’s revenue for the quarter was down 9.7% on a year-over-year basis. Equities research analysts forecast that Cummins will post $8.15 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 22nd were given a dividend of $0.975 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.90 annualized dividend and a dividend yield of 3.34%. Cummins’s dividend payout ratio is currently 55.93%.
In related news, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $127.50, for a total value of $637,500.00. Following the completion of the transaction, the chief financial officer now owns 3,024 shares in the company, valued at approximately $385,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jill E. Cook sold 5,981 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total transaction of $718,916.20. Following the completion of the transaction, the insider now owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
A number of institutional investors recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Cummins during the fourth quarter worth about $178,061,000. AXA raised its position in shares of Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock worth $116,118,000 after buying an additional 959,400 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Cummins during the second quarter worth about $53,030,000. Nordea Investment Management AB raised its position in shares of Cummins by 29.1% in the second quarter. Nordea Investment Management AB now owns 1,055,879 shares of the company’s stock worth $118,723,000 after buying an additional 237,982 shares in the last quarter. Finally, Boston Advisors LLC raised its position in shares of Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock worth $20,930,000 after buying an additional 184,083 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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