Cummins (CMI) Cut to Neutral at Goldman Sachs Group

Goldman Sachs Group downgraded shares of Cummins (NYSE:CMI) from a buy rating to a neutral rating in a research report report published on Thursday, MarketBeat reports. Goldman Sachs Group currently has $180.00 target price on the stock.

Several other analysts have also recently weighed in on CMI. Stifel Nicolaus reaffirmed a hold rating and issued a $168.00 target price (up previously from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Jefferies Group reaffirmed a hold rating and issued a $165.00 target price (up previously from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Piper Jaffray Companies reaffirmed a hold rating and issued a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. ValuEngine cut shares of Cummins from a buy rating to a hold rating in a report on Saturday, November 25th. Finally, Zacks Investment Research raised shares of Cummins from a hold rating to a buy rating and set a $188.00 price objective on the stock in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the stock. Cummins presently has a consensus rating of Hold and a consensus target price of $175.49.

Shares of Cummins (NYSE CMI) traded down $2.39 during trading hours on Thursday, reaching $165.01. 1,912,200 shares of the company traded hands, compared to its average volume of 1,311,749. The firm has a market capitalization of $27,386.30, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.32 and a beta of 1.13. Cummins has a 52-week low of $134.06 and a 52-week high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.02 earnings per share. research analysts predict that Cummins will post 10.19 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were given a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.62%. Cummins’s dividend payout ratio (DPR) is presently 43.86%.

Institutional investors and hedge funds have recently made changes to their positions in the company. Carroll Financial Associates Inc. grew its position 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 during the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Cummins during the third quarter worth approximately $132,000. Captrust Financial Advisors purchased a new position in shares of Cummins during the second quarter worth approximately $137,000. Acrospire Investment Management LLC purchased a new position in shares of Cummins during the second quarter worth approximately $146,000. Finally, First Interstate Bank grew its position in shares of Cummins by 2.7% during the second quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after acquiring an additional 25 shares during the last quarter. Institutional investors and hedge funds own 82.50% of the company’s stock.

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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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