Cummins Inc. (CMI) Price Target Raised to $180.00
Cummins Inc. (NYSE:CMI) had its price objective hoisted by Jefferies Group LLC from $165.00 to $180.00 in a report released on Wednesday. The firm currently has a hold rating on the stock. Jefferies Group also issued estimates for Cummins’ FY2017 earnings at $10.60 EPS, Q1 2018 earnings at $2.70 EPS, Q2 2018 earnings at $2.90 EPS, Q3 2018 earnings at $2.80 EPS, FY2018 earnings at $11.60 EPS and FY2019 earnings at $12.40 EPS.
CMI has been the subject of a number of other reports. Deutsche Bank AG increased their price objective on Cummins from $139.00 to $142.00 and gave the company a sell rating in a report on Tuesday, July 4th. Zacks Investment Research downgraded Cummins from a buy rating to a hold rating in a report on Wednesday, August 30th. Robert W. Baird reiterated a sell rating and set a $153.00 price target on shares of Cummins in a report on Thursday, October 12th. ValuEngine downgraded Cummins from a buy rating to a hold rating in a report on Tuesday, August 1st. Finally, Piper Jaffray Companies set a $170.00 price target on Cummins and gave the stock a hold rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $168.91.
Shares of Cummins (NYSE:CMI) opened at $173.07 on Wednesday. The firm has a market cap of $28.76 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 1.40 and a beta of 1.16. The company has a quick ratio of 1.15, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. Cummins’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 earnings per share. equities research analysts forecast that Cummins will post 10.04 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.50%. Cummins’s dividend payout ratio (DPR) is presently 43.86%.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction dated 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 owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. AJO LP lifted its position in Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after acquiring an additional 1,139,586 shares in the last quarter. Kirr Marbach & Co. LLC IN bought a new position in Cummins in the 3rd quarter valued at about $255,000. AGF Investments America Inc. lifted its position in Cummins by 41.5% in the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock valued at $6,270,000 after acquiring an additional 11,338 shares in the last quarter. Bank of America Corp DE lifted its position in Cummins by 8.6% in the 1st quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after acquiring an additional 62,046 shares in the last quarter. Finally, Delta Lloyd Asset Management N.V. bought a new position in Cummins in the 2nd quarter valued at about $3,466,000. 81.05% of the stock is currently owned by institutional investors and hedge funds.
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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