Cummins (NYSE:CMI) received a $145.00 target price from research analysts at Mizuho in a note issued to investors on Wednesday. The firm presently has a “hold” rating on the stock. Mizuho’s price objective indicates a potential upside of 1.98% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price objective for the company in a research report on Wednesday, September 26th. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $156.00 to $137.00 in a research report on Friday, August 24th. Stifel Nicolaus restated a “buy” rating and set a $172.00 price objective on shares of Cummins in a research report on Monday, October 1st. Piper Jaffray Companies upgraded shares of Cummins from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $143.00 to $188.00 in a research report on Thursday, October 4th. Finally, Bank of America lifted their price target on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, October 9th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $164.05.
Cummins stock opened at $142.19 on Wednesday. Cummins has a 12-month low of $124.72 and a 12-month high of $194.18. The stock has a market cap of $22.15 billion, a P/E ratio of 9.26, a PEG ratio of 0.75 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.54 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. During the same period last year, the business earned $2.71 earnings per share. Cummins’s revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts predict that Cummins will post 15.05 earnings per share for the current year.
Cummins announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In other news, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction that occurred on Monday, October 8th. The shares were sold at an average price of $151.07, for a total value of $2,202,449.53. Following the completion of the transaction, the chief accounting officer now owns 24,424 shares of the company’s stock, valued at $3,689,733.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jill E. Cook sold 5,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $150.00, for a total transaction of $796,050.00. Following the completion of the transaction, the insider now directly owns 14,985 shares of the company’s stock, valued at approximately $2,247,750. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,352 shares of company stock valued at $3,811,385. Company insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Edge Wealth Management LLC purchased a new position in shares of Cummins in the third quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Cummins by 5,873.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after purchasing an additional 881 shares during the period. MHI Funds LLC purchased a new position in shares of Cummins in the second quarter valued at approximately $147,000. Qube Research & Technologies Ltd purchased a new position in shares of Cummins in the second quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. boosted its stake in shares of Cummins by 73.2% in the second quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after purchasing an additional 520 shares during the period. 79.42% of the stock is 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 worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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