Cummins Inc. (NYSE:CMI)‘s stock had its “hold” rating reaffirmed by research analysts at Piper Jaffray Companies in a research note issued to investors on Thursday. They presently have a $159.00 price target on the stock. Piper Jaffray Companies’ target price would suggest a potential downside of 0.51% from the company’s current price.
Other equities analysts also recently issued research reports about the stock. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a research note on Wednesday, April 12th. Barclays PLC raised their price target on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Stifel Nicolaus reiterated a “hold” rating and set a $155.00 price objective (up from $150.00) on shares of Cummins in a report on Wednesday, May 3rd. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $160.00 price objective (up from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $154.33.
Cummins (NYSE:CMI) traded down 0.13% during midday trading on Thursday, hitting $159.82. The stock had a trading volume of 1,294,751 shares. Cummins has a one year low of $116.03 and a one year high of $170.68. The stock’s 50-day moving average is $163.10 and its 200-day moving average is $154.60. The company has a market cap of $26.69 billion, a P/E ratio of 18.06 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.40 EPS. Equities analysts predict that Cummins will post $7.98 EPS for the current fiscal year.
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In related news, Director Alexis M. Herman sold 1,300 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total value of $206,908.00. Following the completion of the transaction, the director now directly owns 29,656 shares of the company’s stock, valued at $4,720,048.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the transaction, the chief operating officer now directly owns 14,131 shares of the company’s stock, valued at $2,331,615. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,636 shares of company stock worth $10,000,575. Company insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. OMERS ADMINISTRATION Corp acquired a new position in Cummins during the second quarter worth $1,476,000. Pacer Advisors Inc. raised its position in Cummins by 8.1% in the second quarter. Pacer Advisors Inc. now owns 3,874 shares of the company’s stock valued at $628,000 after buying an additional 290 shares during the last quarter. Utah Retirement Systems raised its position in Cummins by 0.7% in the second quarter. Utah Retirement Systems now owns 29,099 shares of the company’s stock valued at $4,720,000 after buying an additional 200 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Cummins by 7.7% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 353,540 shares of the company’s stock valued at $57,351,000 after buying an additional 25,298 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Cummins by 22.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 40,076 shares of the company’s stock valued at $6,501,000 after buying an additional 7,301 shares during the last quarter. 80.34% of the stock is owned by hedge funds and other institutional investors.
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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