Cummins (NYSE:CMI) Price Target Raised to $192.00

Cummins (NYSE:CMI) had its target price lifted by Morgan Stanley from $152.00 to $192.00 in a research note released on Wednesday, BenzingaRatingsTable reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank began coverage on Cummins in a research report on Tuesday, June 30th. They set a hold rating and a $172.00 target price on the stock. Cowen reissued a hold rating and set a $171.00 price target on shares of Cummins in a research note on Wednesday, May 6th. TheStreet raised Cummins from a c+ rating to a b rating in a research note on Friday, May 1st. Loop Capital boosted their price target on Cummins from $130.00 to $160.00 and gave the stock a sell rating in a research note on Wednesday. Finally, Barclays boosted their price target on Cummins from $175.00 to $192.00 and gave the stock an equal weight rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. Cummins has a consensus rating of Hold and an average price target of $185.71.

Shares of CMI stock opened at $193.26 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The stock’s 50-day moving average price is $176.98 and its 200 day moving average price is $160.75. Cummins has a 52-week low of $101.03 and a 52-week high of $204.98. The stock has a market capitalization of $28.51 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.39 and a beta of 1.14.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.93. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the previous year, the firm posted $4.27 EPS. The firm’s quarterly revenue was down 38.1% on a year-over-year basis. Analysts expect that Cummins will post 8.78 earnings per share for the current fiscal year.

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

Several institutional investors have recently modified their holdings of CMI. Norges Bank purchased a new position in shares of Cummins during the 4th quarter worth $300,538,000. Wells Fargo & Company MN grew its stake in shares of Cummins by 31.2% during the first quarter. Wells Fargo & Company MN now owns 1,877,796 shares of the company’s stock valued at $254,104,000 after acquiring an additional 446,111 shares in the last quarter. Capital International Investors acquired a new stake in shares of Cummins during the first quarter valued at about $56,469,000. First Eagle Investment Management LLC grew its stake 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 valued at $297,899,000 after acquiring an additional 329,228 shares in the last quarter. Finally, Marshfield Associates grew its stake in shares of Cummins by 53.6% during the first quarter. Marshfield Associates now owns 857,393 shares of the company’s stock valued at $116,022,000 after acquiring an additional 299,030 shares in the last quarter. 80.86% 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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