Cummins (NYSE:CMI) Rating Reaffirmed
New York: In a comprehensive report sent to clients and investors on 17 December, Deutsche Bank reconfirmed their Hold rating on Cummins (NYSE:CMI) shares. They now have a $87.0 target on the firm. Deutsche Bank’s target would indicate a potential downside of -0.41% from the company’s last stock price.
From a total of 22 analysts covering Cummins (NYSE:CMI) stock, 7 rate it a ”Buy”, 3 a “Sell”, and 18 a ”Hold”. This means that 25% of the ratings are positive. The highest target price is $160 while the lowest target price is $76. The mean of all analyst targets is $105.55 with a 38.15% above today’s ($86.86) stock price. Cummins was the topic of 23 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. Bank of America downgraded shares on December 1 to “Underperform” rating. Morgan Stanley downgraded shares to “Underweight” rating and $79 target share price in a report from an October 28. Barclays Capital maintained CMI stock in a recent report from October 28 with “Underweight” rating. UBS downgraded the rating on October 20. UBS has a “Neutral” rating and a $111 price target on shares. Finally, Argus Research maintained the stock with “Buy” rating in a report issued on an October 28.
Approximately 1.35 million shares of stock traded hands. Cummins Inc. (NYSE:CMI) has declined 39.00% since May 14, 2015 and is downtrending. It has underperformed by 36.74% the S&P500.
The overall sentiment of institutions has decreased to 0.97 in Q2 2015. Its down 0.07, from 1.04 in 2015Q2. The ratio turned negative, as 99 institutions have sold all the shares of Cummins Inc. that they owned while 275 funds have taken shares off the table. 64 funds have purchased shares for the first time while 298 added to their positions. These institutions now hold 152.29 million shares or 8.43% more than the 140.45 million shares they owned in 2015Q2.
The Fund Waverton Investment Management Ltd currently is holding shares equating to 4.04% of its total portfolio in Cummins Inc. representing a total of 465,231 shares. Another fund,Cornerstone Investment Partners Llc, is holding a total of 1.21 million shares equating to 3.74% of their holdings. Additionally, Weybosset Research & Management Llc has a 45,797 share stake in Cummins Inc. which represents 3.71% of their total portfolio. The Fund, Raub Brock Capital Management Lp, based out of California, has also built up a stake in the stock, which represents a total of 3.41% of their total portfolio. Finally Banta Asset Management Lp, a fund which is based in the state of California reported a total holdings of 18,515 shares.
Cummins Inc. is a global diesel engine manufacturer. The company has a market cap of $15.50 billion. The Firm designs, makes, distributes and services diesel and natural gas engines and engine-related component products, including filtration, after treatment, turbochargers, fuel systems, controls systems, air handling systems and electric power generation systems. It has 9.3 P/E ratio. It has four operating divisions: Engine, Distribution, Components and Power Generation.
According to Zacks Investment Research, “Cummins Inc. is one of the leading worldwide designers and manufacturers of diesel engines. The company also produces natural gas engines and engine components and subsystems. Cummins provides power and components for a wide variety of equipment in its key businesses: engine, power generation, and filtration.”