Bank of America downgraded shares of Cummins (NYSE:CMI) from a buy rating to a neutral rating in a research report released on Thursday, May 3rd, Marketbeat reports. Bank of America currently has $154.00 price objective on the stock. The analysts noted that the move was a valuation call.
A number of other analysts have also commented on CMI. Stifel Nicolaus reduced their price target on shares of Cummins from $180.00 to $174.00 and set a hold rating for the company in a research note on Wednesday, May 2nd. Buckingham Research downgraded shares of Cummins from a buy rating to a neutral rating and set a $195.00 price objective on the stock. in a report on Wednesday, May 2nd. Piper Jaffray set a $164.00 price objective on shares of Cummins and gave the stock a hold rating in a report on Thursday, April 5th. Credit Suisse Group dropped their price objective on shares of Cummins from $205.00 to $175.00 and set an outperform rating on the stock in a report on Wednesday, May 2nd. Finally, ValuEngine downgraded shares of Cummins from a hold rating to a sell rating in a report on Wednesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $171.45.
Shares of CMI stock opened at $146.36 on Thursday. Cummins has a 52 week low of $146.71 and a 52 week high of $147.90. The company has a market capitalization of $24.25 billion, a PE ratio of 12.72, a P/E/G ratio of 0.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.58 and a quick ratio of 0.99.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 1st. The company reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $2.91 by $0.39. Cummins had a net margin of 4.33% and a return on equity of 23.47%. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the business posted $2.36 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts anticipate that Cummins will post 13.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Thursday, May 17th. Cummins’s dividend payout ratio is currently 40.68%.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Cummins by 4.0% during the first quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock valued at $1,967,548,000 after purchasing an additional 463,368 shares in the last quarter. Boston Partners lifted its holdings in Cummins by 2.7% during the first quarter. Boston Partners now owns 3,384,197 shares of the company’s stock valued at $548,545,000 after purchasing an additional 87,372 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Cummins by 9.1% during the first quarter. Franklin Resources Inc. now owns 2,368,298 shares of the company’s stock valued at $383,878,000 after purchasing an additional 197,413 shares in the last quarter. Northern Trust Corp raised its position in shares of Cummins by 2.4% during the first quarter. Northern Trust Corp now owns 2,274,023 shares of the company’s stock valued at $368,596,000 after buying an additional 52,223 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cummins by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 2,122,029 shares of the company’s stock valued at $374,228,000 after buying an additional 59,257 shares during the last quarter. 84.18% of the stock is currently owned by institutional investors and hedge funds.
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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