Cummins (NYSE:CMI) PT Raised to $160.00

Cummins (NYSE:CMI) had its price target boosted by Loop Capital from $130.00 to $160.00 in a report released on Wednesday, The Fly reports. The brokerage currently has a sell rating on the stock.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Co increased their price objective on shares of Cummins from $190.00 to $205.00 and gave the company an overweight rating in a research note on Monday, July 20th. Credit Suisse Group increased their price objective on shares of Cummins from $178.00 to $201.00 and gave the company an outperform rating in a research note on Wednesday, April 29th. Royal Bank of Canada reiterated a hold rating and set a $165.00 price objective on shares of Cummins in a research note on Thursday, May 21st. UBS Group increased their price objective on shares of Cummins from $167.00 to $168.00 and gave the company a neutral rating in a research note on Wednesday, April 29th. Finally, Deutsche Bank started coverage on shares of Cummins in a research note on Tuesday, June 30th. They set a hold rating and a $172.00 price objective on the stock. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Cummins currently has an average rating of Hold and a consensus price target of $185.71.

Shares of CMI stock opened at $193.26 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.89. The company has a market capitalization of $28.51 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.39 and a beta of 1.14. The company’s 50-day simple moving average is $176.98 and its two-hundred day simple moving average is $160.75. Cummins has a one year low of $101.03 and a one year high of $204.98.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.93. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the prior year, the firm earned $4.27 EPS. The company’s revenue for the quarter was down 38.1% compared to the same quarter last year. On average, research analysts expect that Cummins will post 8.78 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $1.311 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.71%. Cummins’s dividend payout ratio is currently 34.82%.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Cummins by 1.9% during the first quarter. BlackRock Inc. now owns 12,591,114 shares of the company’s stock worth $1,703,832,000 after purchasing an additional 235,559 shares during the last quarter. State Street Corp raised its holdings in shares of Cummins by 1.4% during the first quarter. State Street Corp now owns 7,194,290 shares of the company’s stock worth $973,531,000 after purchasing an additional 98,214 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 3.2% during the first quarter. Geode Capital Management LLC now owns 2,862,227 shares of the company’s stock worth $386,903,000 after purchasing an additional 89,948 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Cummins by 17.6% during the first quarter. First Eagle Investment Management LLC now owns 2,201,444 shares of the company’s stock worth $297,899,000 after purchasing an additional 329,228 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cummins by 0.6% during the first quarter. Invesco Ltd. now owns 1,918,477 shares of the company’s stock worth $259,608,000 after purchasing an additional 11,801 shares during the last quarter. 80.86% of the stock is owned by hedge funds and other institutional investors.

About Cummins

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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