Royal Bank Of Canada Raises Cummins Inc. (CMI) Price Target to $173.00
Cummins Inc. (NYSE:CMI) had its target price increased by Royal Bank Of Canada from $169.00 to $173.00 in a report issued on Thursday, Marketbeat reports. Royal Bank Of Canada currently has a sector perform rating on the stock.
Several other research firms have also weighed in on CMI. Stifel Nicolaus reissued a hold rating and set a $190.00 price objective (up from $186.00) on shares of Cummins in a research note on Wednesday. Piper Jaffray Companies set a $170.00 price objective on Cummins and gave the stock a hold rating in a research note on Tuesday, October 31st. Buckingham Research raised their price objective on Cummins from $180.00 to $195.00 and gave the stock a buy rating in a research note on Wednesday. Robert W. Baird reissued a sell rating and set a $155.00 price objective on shares of Cummins in a research note on Wednesday. Finally, Jefferies Group LLC raised their price objective on Cummins from $165.00 to $180.00 and gave the stock a hold rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $168.91.
Shares of Cummins (NYSE:CMI) traded down $0.22 during midday trading on Thursday, reaching $173.07. The company’s stock had a trading volume of 1,463,467 shares, compared to its average volume of 1,166,798. The company has a current ratio of 1.57, a quick ratio of 1.15 and a debt-to-equity ratio of 0.19. The company has a market cap of $28,723.91, a price-to-earnings ratio of 17.57, a P/E/G ratio of 1.39 and a beta of 1.16. Cummins has a 52-week low of $121.43 and a 52-week high of $181.79.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the company posted $2.02 EPS. analysts predict that Cummins will post 10.09 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a dividend of $1.08 per share. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.50%. Cummins’s dividend payout ratio is 43.86%.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Carroll Financial Associates Inc. raised its holdings 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 acquiring an additional 83 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Cummins during the third quarter worth $132,000. Captrust Financial Advisors purchased a new stake in shares of Cummins during the second quarter worth $137,000. Acrospire Investment Management LLC purchased a new stake in shares of Cummins during the second quarter worth $146,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth $150,000. Institutional investors and hedge funds own 81.05% of the company’s stock.
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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