Cummins (CMI) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Cummins (NYSE:CMI) from a hold rating to a buy rating in a research note released on Friday morning. They currently have $193.00 target price on the stock.
According to Zacks, “Cummins earnings and revenues topped the Zacks Consensus Estimate in the fourth-quarter. Both the metrics were higher than the year-ago figures. Moreover, the company provided a bullish outlook for fiscal 2018. It expects high profitability on the basis of higher sales and cost reduction initiatives in the current year. Cummins has also achieved its target of returning 50% of full-year operating cash flow to its shareholders in the form of share repurchases and dividends to boost their confidence in the company. It plans to achieve the same target in 2018 as well. Additionally, Cummins’ recent acquisitions in the electrified power segment will enable it to achieve the aim of being a leader in electrified power.”
A number of other analysts have also commented on the stock. Goldman Sachs Group lowered shares of Cummins from a buy rating to a neutral rating and set a $180.00 price target for the company. in a research note on Thursday, November 30th. BMO Capital Markets lifted their price target on shares of Cummins from $185.00 to $190.00 and gave the stock a market perform rating in a research note on Wednesday, November 8th. Barclays started coverage on shares of Cummins in a research note on Tuesday, December 12th. They issued an equal weight rating and a $180.00 price target for the company. Oppenheimer started coverage on shares of Cummins in a research note on Thursday, December 7th. They issued an outperform rating and a $192.00 price target for the company. Finally, Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the stock a hold rating in a report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $188.18.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The firm had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the business posted $2.25 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. research analysts anticipate that Cummins will post 12.44 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Hall Laurie J Trustee lifted its holdings in Cummins by 841.7% during the fourth quarter. Hall Laurie J Trustee now owns 2,260 shares of the company’s stock valued at $101,000 after purchasing an additional 2,020 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Cummins during the third quarter valued at approximately $132,000. Bank of Nova Scotia Trust Co. purchased a new position in Cummins during the third quarter valued at approximately $168,000. Krilogy Financial LLC purchased a new position in Cummins during the third quarter valued at approximately $168,000. Finally, Flagship Harbor Advisors LLC purchased a new position in Cummins during the third quarter valued at approximately $201,000. 83.06% of the stock is currently owned by institutional investors.
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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.
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