Cummins (NYSE:CMI) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Friday, January 19th, Marketbeat.com reports. The brokerage presently has a $215.00 price target on the stock. Bank of America’s price objective indicates a potential upside of 29.70% from the company’s previous close.
A number of other equities analysts have also recently weighed in on CMI. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $187.00 price target for the company in a report on Thursday, September 21st. Wells Fargo & Co increased their target price on Cummins from $184.50 to $190.00 and gave the company a “market perform” rating in a research note on Friday, October 6th. Deutsche Bank reiterated a “sell” rating and set a $159.00 target price (up from $147.00) on shares of Cummins in a research note on Monday, October 9th. Longbow Research cut Cummins from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. Finally, Robert W. Baird reiterated a “sell” rating and set a $153.00 target price on shares of Cummins in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $188.18.
Cummins (NYSE CMI) traded up $1.72 on Friday, reaching $165.77. 1,912,307 shares of the company were exchanged, compared to its average volume of 1,460,000. The firm has a market cap of $27,510.00, a P/E ratio of 27.91, a PEG ratio of 1.16 and a beta of 1.14. Cummins has a 12-month low of $143.83 and a 12-month high of $194.18. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.57.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.65 by $0.38. The firm had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. Cummins’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.25 EPS. analysts expect that Cummins will post 12.44 EPS for the current year.
A number of hedge funds have recently made changes to their positions in CMI. Boston Partners bought a new position in Cummins during the third quarter valued at about $416,229,000. BlackRock Inc. boosted its stake in Cummins by 8.3% during the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock valued at $2,062,319,000 after buying an additional 898,512 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Cummins by 784.9% during the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock valued at $127,307,000 after buying an additional 696,090 shares in the last quarter. Old Mutual Global Investors UK Ltd. boosted its stake in Cummins by 203.7% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 926,242 shares of the company’s stock valued at $155,636,000 after buying an additional 621,292 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Cummins by 107.0% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock valued at $209,524,000 after purchasing an additional 613,102 shares during the period. 83.06% of the stock is owned by institutional investors and hedge funds.
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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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