Cummins (CMI) was Upgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on Apr 18, 2016.
Many Wall Street Analysts have commented on Cummins. 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. Shares were Downgraded by Buckingham Research on Apr 6, 2016 to ” Neutral” and Lowered the Price Target to $ 95 from a previous price target of $100 .
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 and hit $115.61 on the upside on Friday, eventually ending the session at $115.32, with a gain of 0.65% or 0.75 points. The heightened volatility saw the trading volume jump to 20,56,115 shares. Company has a market cap of $20,103 M.
In a different news, on Feb 12, 2016, Marsha L Hunt (VP-Corp. Controller) sold 300 shares at $95.36 per share price. According to the SEC, on Feb 9, 2016, Anant Talaulicar (VP & President – Components) sold 3,027 shares at $142.02 per share price. On Nov 16, 2015, Leo Allen Bruno V Di (director) purchased 1,500 shares at $99.52 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.