Shares of Cummins Inc. (NYSE:CMI) have been given a consensus rating of “Hold” by the twenty research firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $166.84.
A number of research analysts recently commented on the stock. Credit Suisse Group raised their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Morgan Stanley lowered their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Evercore ISI reiterated an “in-line” rating and set a $169.00 price objective (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Finally, ValuEngine lowered shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th.
A number of institutional investors have recently bought and sold shares of CMI. Gradient Investments LLC grew its position in Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after buying an additional 74 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in Cummins in the second quarter worth approximately $26,000. Kempen Capital Management N.V. acquired a new position in Cummins in the 2nd quarter worth approximately $29,000. Meridian Wealth Management LLC acquired a new position in Cummins in the 1st quarter worth approximately $32,000. Finally, Sonora Investment Management LLC acquired a new position in Cummins in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 82.34% of the company’s stock.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The company had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.36 billion. During the same quarter in the prior year, the business earned $4.14 EPS. Cummins’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts predict that Cummins will post 15.84 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st were given a $1.311 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date was Tuesday, August 20th. This represents a $5.24 annualized dividend and a yield of 3.18%. Cummins’s payout ratio is 39.61%.
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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