Stifel Nicolaus reissued their hold rating on shares of Cummins Inc. (NYSE:CMI) in a research note issued to investors on Wednesday. The firm currently has a $190.00 target price on the stock, up from their previous target price of $186.00.
CMI has been the topic of several other research reports. Deutsche Bank AG lifted their price target on Cummins from $139.00 to $142.00 and gave the stock a sell rating in a research report on Tuesday, July 4th. Zacks Investment Research lowered Cummins from a buy rating to a hold rating in a research report on Wednesday, August 30th. Robert W. Baird reaffirmed a sell rating and set a $153.00 price target on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group LLC reaffirmed a hold rating and set a $165.00 price target on shares of Cummins in a research report on Thursday, September 7th. Finally, ValuEngine lowered Cummins from a buy rating to a hold rating in a research report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $168.91.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for 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 revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 earnings per share.
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 paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio is presently 43.86%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s 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 of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.
Several institutional investors have recently modified their holdings of CMI. Royce & Associates LP boosted its position in shares of Cummins by 105.0% in the first quarter. Royce & Associates LP now owns 20,500 shares of the company’s stock worth $3,100,000 after buying an additional 10,500 shares during the period. Global Financial Private Capital LLC acquired a new stake in shares of Cummins in the first quarter worth $235,000. WINTON GROUP Ltd boosted its position in shares of Cummins by 57.1% in the first quarter. WINTON GROUP Ltd now owns 124,106 shares of the company’s stock worth $15,904,000 after buying an additional 45,095 shares during the period. Good Life Advisors LLC acquired a new stake in shares of Cummins in the first quarter worth $220,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Cummins by 161.0% in the first quarter. PNC Financial Services Group Inc. now owns 504,151 shares of the company’s stock worth $76,229,000 after buying an additional 310,995 shares during the period. 81.05% of the stock is owned by institutional investors and hedge funds.
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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