Cummins (CMI) is Downgraded by CLSA to Outperform

Cummins (CMI) was Downgraded by CLSA to ” Outperform”. Earlier the firm had a rating of “Buy ” on the company shares. CLSA advised their investors in a research report released on Dec 1, 2016.

Many Wall Street Analysts have commented on Cummins. Company shares were Reiterated by Stifel on Nov 2, 2016 to “Hold”, Firm has raised the Price Target to $ 109 from a previous price target of $103 .Cummins was Upgraded by Goldman to ” Buy” on Oct 11, 2016. Cummins was Initiated by CLSA to “Buy” on Sep 30, 2016.

On the company’s financial health, Cummins reported $2.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Nov 1, 2016. Analyst had a consensus of $1.96. The company had revenue of $4187.00 million for the quarter, compared to analysts expectations of $4232.85 million. The company’s revenue was down -9.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.14 EPS.

Cummins closed down -0.1 points or -0.07% at $138.22 with 10,55,988 shares getting traded on Tuesday. Post opening the session at $137.7, the shares hit an intraday low of $136.64 and an intraday high of $138.85 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Nov 30, 2016, Tony Satterthwaite (President – Distribution) sold 3,607 shares at $138.03 per share price. According to the SEC, on Nov 30, 2016, Robert Herdman (director) sold 1,000 shares at $137.77 per share price. On Nov 28, 2016, Marsha L Hunt (VP-Corp. Controller) sold 400 shares at $140.93 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.

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