Wells Fargo & Company Boosts Cummins Inc. (CMI) Price Target to $190.00

Cummins Inc. (NYSE:CMI) had its target price raised by Wells Fargo & Company from $184.50 to $190.00 in a research report released on Friday. They currently have a market perform rating on the stock.

Several other equities analysts also recently weighed in on CMI. Zacks Investment Research upgraded Cummins from a hold rating to a buy rating and set a $188.00 target price on the stock in a research report on Monday, October 2nd. Jefferies Group LLC reiterated a hold rating and set a $165.00 target price (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a hold rating and set a $168.00 target price (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reiterated a hold rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Deutsche Bank AG reduced their target price on Cummins from $155.00 to $147.00 and set a sell rating on the stock in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $163.77.

Shares of Cummins (NYSE CMI) opened at 172.11 on Friday. The company has a 50-day moving average of $162.87 and a 200 day moving average of $158.49. The stock has a market capitalization of $28.74 billion, a price-to-earnings ratio of 19.45 and a beta of 1.13. Cummins has a one year low of $121.22 and a one year high of $172.72.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the company posted $2.40 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that Cummins will post $7.98 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this report on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark laws. The legal version of this report can be accessed at https://ledgergazette.com/2017/10/09/wells-fargo-company-boosts-cummins-inc-cmi-price-target-to-190-00.html.

In related news, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at approximately $41,405. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jill E. Cook sold 7,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $165.86, for a total value of $1,161,020.00. Following the sale, the insider now owns 9,671 shares in the company, valued at $1,604,032.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,633 shares of company stock worth $2,942,108. Company insiders own 0.62% of the company’s stock.

Several large investors have recently made changes to their positions in CMI. Assetmark Inc. raised its holdings in shares of Cummins by 2,975.8% during the 1st quarter. Assetmark Inc. now owns 11,442 shares of the company’s stock valued at $1,730,000 after buying an additional 11,070 shares during the period. Windsor Financial Group LLC purchased a new stake in shares of Cummins during the 1st quarter valued at about $212,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cummins by 2.1% during the 1st 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. Ingalls & Snyder LLC purchased a new stake in shares of Cummins during the 1st quarter valued at about $221,000. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Cummins by 76.6% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 31,271 sh

Several other equities analysts also recently weighed in on CMI. Zacks Investment Research upgraded Cummins from a hold rating to a buy rating and set a $188.00 target price on the stock in a research report on Monday, October 2nd. Jefferies Group LLC reiterated a hold rating and set a $165.00 target price (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a hold rating and set a $168.00 target price (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reiterated a hold rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Deutsche Bank AG reduced their target price on Cummins from $155.00 to $147.00 and set a sell rating on the stock in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $163.77.

Shares of Cummins (NYSE CMI) opened at 172.11 on Friday. The company has a 50-day moving average of $162.87 and a 200 day moving average of $158.49. The stock has a market capitalization of $28.74 billion, a price-to-earnings ratio of 19.45 and a beta of 1.13. Cummins has a one year low of $121.22 and a one year high of $172.72.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the company posted $2.40 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that Cummins will post $7.98 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this report on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark laws. The legal version of this report can be accessed at https://ledgergazette.com/2017/10/09/wells-fargo-company-boosts-cummins-inc-cmi-price-target-to-190-00.html.

In related news, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at approximately $41,405. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jill E. Cook sold 7,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $165.86, for a total value of $1,161,020.00. Following the sale, the insider now owns 9,671 shares in the company, valued at $1,604,032.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,633 shares of company stock worth $2,942,108. Company insiders own 0.62% of the company’s stock.

Several large investors have recently made changes to their positions in CMI. Assetmark Inc. raised its holdings in shares of Cummins by 2,975.8% during the 1st quarter. Assetmark Inc. now owns 11,442 shares of the company’s stock valued at $1,730,000 after buying an additional 11,070 shares during the period. Windsor Financial Group LLC purchased a new stake in shares of Cummins during the 1st quarter valued at about $212,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cummins by 2.1% during the 1st 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. Ingalls & Snyder LLC purchased a new stake in shares of Cummins during the 1st quarter valued at about $221,000. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Cummins by 76.6% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 31,271 shares of the company’s stock valued at $4,728,000 after buying an additional 13,567 shares during the period. Institutional investors and hedge funds own 80.38% 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.

Analyst Recommendations for Cummins (NYSE:CMI)

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