Cummins (CMI) was Upgraded by Goldman to ” Buy”. Earlier the firm had a rating of “Neutral ” on the company shares. Goldman advised their investors in a research report released on Oct 11, 2016.
Many Wall Street Analysts have commented on Cummins. Cummins was Initiated by CLSA to “Buy” on Sep 30, 2016. Deutsche Bank Initiated Cummins on Sep 7, 2016 to “Sell”, Price Target of the shares are set at $111.Cummins was Downgraded by Standpoint Research to ” Hold” on Jul 14, 2016.
On the company’s financial health, Cummins reported $2.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.22 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $2.18. The company had revenue of $4528.00 million for the quarter, compared to analysts expectations of $4498.39 million. The company’s revenue was down -9.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.62 EPS.
Cummins closed down -2.05 points or -1.57% at $128.44 with 19,61,624 shares getting traded on Friday. Post opening the session at $130.11, the shares hit an intraday low of $127.08 and an intraday high of $130.43 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Aug 12, 2016, Thaddeus B Ewald (VP – Corporate Strategy) sold 820 shares at $126.95 per share price. According to the SEC, on Aug 12, 2016, Pat Ward (VP – Chief Financial Officer) sold 5,000 shares at $127.50 per share price. On Aug 8, 2016, Richard Joseph Freeland (President & COO) sold 2,500 shares at $125.00 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.