Cummins (CMI) Price Target Increased to $172.00 by Analysts at Buckingham Research

Cummins (NYSE:CMI) had its target price lifted by Buckingham Research from $160.00 to $172.00 in a research report report published on Tuesday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the stock.

CMI has been the subject of several other research reports. Oppenheimer reiterated a market perform rating and set a $164.00 price objective on shares of Cummins in a research report on Thursday, February 7th. CIBC reiterated a market perform rating on shares of Cummins in a research report on Thursday, February 7th. Credit Suisse Group reiterated a buy rating and set a $168.00 price objective on shares of Cummins in a research report on Tuesday, January 22nd. Zacks Investment Research lowered shares of Cummins from a hold rating to a sell rating in a research report on Thursday, January 3rd. Finally, Mizuho set a $155.00 price objective on shares of Cummins and gave the company a hold rating in a research report on Saturday, February 9th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company’s stock. Cummins presently has a consensus rating of Hold and an average target price of $163.19.

Shares of NYSE:CMI opened at $167.22 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.95. Cummins has a fifty-two week low of $124.40 and a fifty-two week high of $172.08. The firm has a market cap of $25.98 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.14 and a beta of 1.09.

Cummins (NYSE:CMI) last issued its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The company had revenue of $6.13 billion for the quarter, compared to the consensus estimate of $6.08 billion. During the same quarter in the prior year, the company posted $3.03 EPS. Cummins’s revenue was up 11.9% compared to the same quarter last year. Research analysts anticipate that Cummins will post 15.47 earnings per share for the current year.

In other news, insider Srikanth Padmanabhan sold 1,687 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $160.00, for a total value of $269,920.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexis M. Herman sold 423 shares of the firm’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $150.12, for a total transaction of $63,500.76. The disclosure for this sale can be found here. Insiders sold a total of 6,816 shares of company stock valued at $1,039,321 in the last 90 days. Company insiders own 0.95% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its stake in Cummins by 5.3% in the 3rd quarter. Morgan Stanley now owns 1,727,365 shares of the company’s stock worth $252,315,000 after buying an additional 86,791 shares during the period. Jolley Asset Management LLC increased its position in Cummins by 4.2% during the 4th quarter. Jolley Asset Management LLC now owns 28,445 shares of the company’s stock valued at $3,801,000 after purchasing an additional 1,138 shares during the period. First Hawaiian Bank increased its position in Cummins by 21.2% during the 4th quarter. First Hawaiian Bank now owns 7,661 shares of the company’s stock valued at $1,023,000 after purchasing an additional 1,338 shares during the period. Paradigm Asset Management Co. LLC increased its position in Cummins by 0.9% during the 3rd quarter. Paradigm Asset Management Co. LLC now owns 17,350 shares of the company’s stock valued at $2,534,000 after purchasing an additional 150 shares during the period. Finally, DNB Asset Management AS increased its position in Cummins by 2.0% during the 4th quarter. DNB Asset Management AS now owns 43,723 shares of the company’s stock valued at $5,843,000 after purchasing an additional 867 shares during the period. 82.08% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Cummins (NYSE:CMI)

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