Cummins Inc. (NYSE:CMI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, July 20th. The brokerage currently has a $185.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.18% from the company’s current price.
According to Zacks, “Annual earnings estimates for Cummins have been going up lately. For its sustainable growth, the company has decided to make regular investments in partnerships and acquisitions. Working towards its growth plan, it has been focusing on company and partnership acquisitions, which will also help Cummins to increase its presence globally. Also, it has provided an updated guidance for 2017, expecting revenue growth across all segments. Moreover, the company is expected to boost its financial figures from its innovative product launches and shifting to new emission standards in certain economic markets. It is also engaged in share repurchase programs and dividend payouts to improve shareholders’ value. Its shares have also outperformed the Zacks categorized Auto-Tires-Trucks sector over the last six months.”
CMI has been the subject of a number of other research reports. Deutsche Bank AG reiterated a “sell” rating and issued a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Stifel Nicolaus restated a “hold” rating and set a $150.00 target price on shares of Cummins in a report on Wednesday, April 12th. Credit Suisse Group set a $173.00 target price on Cummins and gave the company a “buy” rating in a report on Monday, March 27th. Wells Fargo & Company upgraded Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $140.00 target price on shares of Cummins in a research note on Wednesday, March 22nd. One research analyst has rated the stock with a sell rating, eleven 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 $151.84.
Shares of Cummins (NYSE CMI) traded up 0.41% on Thursday, hitting $167.90. 1,737,498 shares of the stock traded hands. The firm has a market capitalization of $28.09 billion, a PE ratio of 19.25 and a beta of 1.08. Cummins has a 52 week low of $116.03 and a 52 week high of $170.68. The firm’s 50 day moving average is $163.10 and its 200 day moving average is $153.97.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.55. The company had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.15 billion. Cummins had a return on equity of 20.87% and a net margin of 8.25%. Cummins’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 EPS. On average, analysts expect that Cummins will post $7.98 EPS for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: “Cummins Inc. (CMI) Upgraded to Buy at Zacks Investment Research” was originally published by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this report on another publication, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The correct version of this report can be viewed at https://stocknewstimes.com/2017/07/31/cummins-inc-cmi-lifted-to-buy-at-zacks-investment-research-updated.html.
In related news, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the transaction, the vice president now directly owns 13,029 shares in the company, valued at approximately $2,052,067.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Norman Thomas Linebarger sold 24,000 shares of the business’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $163.00, for a total value of $3,912,000.00. Following the transaction, the chief executive officer now owns 24,607 shares in the company, valued at $4,010,941. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,176 shares of company stock valued at $14,978,595. 0.62% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Johanson Financial Advisors Inc. increased its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares during the last quarter. Cordasco Financial Network increased its stake in Cummins by 0.6% in the first quarter. Cordasco Financial Network now owns 1,409 shares of the company’s stock valued at $213,000 after buying an additional 9 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares during the period. Alambic Investment Management L.P. boosted its position in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 79.98% of the company’s stock.
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.
Get a free copy of the Zacks research report on Cummins (CMI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
