Cummins (CMI) Given a $145.00 Price Target by Mizuho Analysts

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Cummins (NYSE:CMI) received a $145.00 target price from analysts at Mizuho in a research note issued to investors on Wednesday. The brokerage currently has a “hold” rating on the stock. Mizuho’s price target would indicate a potential upside of 5.20% from the stock’s previous close.

A number of other research analysts have also recently issued reports on CMI. ValuEngine cut Cummins from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Bank of America raised their target price on Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Oppenheimer reissued a “buy” rating and issued a $164.00 target price on shares of Cummins in a research note on Tuesday. Finally, Credit Suisse Group cut their target price on Cummins from $177.00 to $168.00 and set an “outperform” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have given a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average target price of $164.77.

Shares of NYSE:CMI traded up $3.44 on Wednesday, reaching $137.84. 937,121 shares of the company traded hands, compared to its average volume of 1,664,435. Cummins has a 52 week low of $124.72 and a 52 week high of $194.18. The stock has a market capitalization of $21.22 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 0.73 and a beta of 1.12. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 26.30% and a net margin of 4.67%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. During the same period last year, the firm earned $2.71 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Cummins will post 15 EPS for the current year.

Cummins announced that its board has authorized a stock buyback plan on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 8.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

In other Cummins news, CAO Marya M. Rose sold 14,579 shares of Cummins stock in a transaction that occurred on Monday, October 8th. The stock was sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the sale, the chief accounting officer now directly owns 24,424 shares of the company’s stock, valued at approximately $3,689,733.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Pat Ward sold 4,503 shares of Cummins stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $148.93, for a total value of $670,631.79. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,087 shares of company stock worth $3,914,211. Insiders own 0.67% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Edge Wealth Management LLC bought a new stake in Cummins during the 3rd quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Cummins by 5,873.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after acquiring an additional 881 shares in the last quarter. MHI Funds LLC bought a new stake in Cummins during the 2nd quarter valued at approximately $147,000. Qube Research & Technologies Ltd bought a new stake in Cummins during the 2nd quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. lifted its holdings in shares of Cummins by 73.2% during the second quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after purchasing an additional 520 shares during the last quarter. 79.42% of the stock is currently owned by institutional investors and hedge funds.

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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