Cummins (CMI) was Downgraded by Robert W. Baird to ” Underperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 110 from a previous price target of $96 . Earlier the firm had a rating of “Neutral ” on the company shares. Robert W. Baird advised their investors in a research report released on Apr 21, 2016.
Many Wall Street Analysts have commented on Cummins. Cummins was Upgraded by BofA/Merrill to ” Neutral” on Apr 18, 2016. Company shares were Reiterated by Barclays on Apr 13, 2016 to “Underweight”, Firm has raised the Price Target to $ 90 from a previous price target of $88 .Cummins was Downgraded by Macquarie to ” Neutral” on Apr 11, 2016.
On the company’s financial health, Cummins reported $2.02 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Feb 4, 2016. Analyst had a consensus of $2.10. The company had revenue of $4766.00 million for the quarter, compared to analysts expectations of $4670.96 million. The company’s revenue was down -6.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.56 EPS.
Cummins opened for trading at $115.34 and hit $117.68 on the upside on Monday, eventually ending the session at $116.66, with a gain of 1.16% or 1.34 points. The heightened volatility saw the trading volume jump to 26,56,334 shares. Company has a market cap of $20,336 M.
In a different news, on Apr 19, 2016, Pat Ward (VP – Chief Financial Officer) sold 5,000 shares at $116.37 per share price. According to the SEC, on Feb 12, 2016, Marsha L Hunt (VP-Corp. Controller) sold 300 shares at $95.36 per share price. On Feb 9, 2016, Anant Talaulicar (VP & President – Components) sold 3,027 shares at $142.02 per share price, according to the Form-4 filing with the securities and exchange commission.
Cummins Inc. is a global diesel engine manufacturer. The Company designs manufactures 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 four operating segments: Engine Distribution Components and Power Generation. The Company sells its products to original equipment manufacturers (OEMs) distributors and other customers. It serves its customers through a network of around 600 Company-owned and independent distributor locations and around 7200 dealer locations in more than 190 countries. In addition engines and engine components are manufactured by the Company’s joint ventures or independent licensees at its manufacturing plants in the United States China India South Korea Mexico and Sweden. Its subsidiaries include Cummins India Ltd. and Wuxi Cummins Turbo Technologies Co. Ltd.