Cummins Inc. (CMI) Receives $186.24 Consensus PT from Brokerages
Shares of Cummins Inc. (NYSE:CMI) have been given a consensus rating of “Hold” by the twenty-one brokerages that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $188.18.
Several brokerages recently commented on CMI. Credit Suisse Group cut their price objective on shares of Cummins from $208.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. TheStreet downgraded shares of Cummins from a “b” rating to a “c+” rating in a research report on Tuesday, February 6th. Stifel Nicolaus reissued a “hold” rating and set a $182.00 price objective on shares of Cummins in a research report on Monday, February 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Deutsche Bank set a $169.00 price objective on shares of Cummins and gave the company a “sell” rating in a research report on Monday, February 5th.
Shares of Cummins (CMI) traded up $1.44 during mid-day trading on Friday, reaching $165.49. 314,674 shares of the company traded hands, compared to its average volume of 1,473,974. Cummins has a one year low of $143.83 and a one year high of $194.18. The stock has a market cap of $27,226.97, a P/E ratio of 27.57, a price-to-earnings-growth ratio of 1.16 and a beta of 1.14. The company has a quick ratio of 1.01, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.
Several hedge funds and other institutional investors have recently made changes to their positions in CMI. Boston Partners purchased a new position in shares of Cummins in the third quarter worth approximately $416,229,000. BlackRock Inc. boosted its holdings in shares of Cummins by 8.3% in the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after buying an additional 898,512 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its holdings in shares of Cummins by 203.7% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 926,242 shares of the company’s stock worth $155,636,000 after buying an additional 621,292 shares during the last quarter. UBS Asset Management Americas Inc. boosted its holdings in shares of Cummins by 107.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock worth $209,524,000 after buying an additional 613,102 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Cummins by 272.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock worth $113,014,000 after buying an additional 468,200 shares during the last quarter. 83.06% of the stock is currently owned by hedge funds and other institutional investors.
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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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