Citigroup Maintains Cummins to Neutral with Price Target $120.00

Brokerage firm Citigroup Maintains its rating on Cummins(NYSE:CMI). In a research note issued to the investors, the brokerage major Raises the price-target to $120.00 per share. The shares have been rated Neutral. The rating by Citigroup was issued on Aug 3, 2016.

In a different note, On Jul 14, 2016, Standpoint Research said it Downgrades its rating on Cummins. The shares have been rated ‘Hold’ by the firm. On May 13, 2016, Citigroup said it Maintains its rating on Cummins. In the research note, the firm Raises the price-target to $100.00 per share. The shares have been rated ‘Neutral’ by the firm.

Cummins (CMI) shares turned negative on Fridays trading session with the shares closing down -0.38 points or -0.30% at a volume of 8,84,761. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $127.64. The peak price level was also seen at $127.64 while the days lowest was $126.45. Finally the shares closed at $126.73. The 52-week high of the shares is $129.415 while the 52-week low is $79.88. According to the latest information available, the market cap of the company is $21,372 M.

Cummins has also declared a cash dividend of $0.9750 on Jul 12, 2016. The shares will quote ex-dividend on Aug 18, 2016 and the record date has been fixed on Aug 22, 2016. The dividend payable date has been fixed on Sep 1, 2016.

Cummins(CMI) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $4.53B. Analysts had an estimated revenue of $4.50B. Earnings per share were $2.40. Analysts had estimated an EPS of $2.14.

Several Insider Transactions has been reported to the SEC. On Jul 27, 2016, Pat Ward (VP – Chief Financial Officer) sold 5,000 shares at $122.50 per share price.Also, On Jul 27, 2016, Jill E Cook (Chief Human Resources Officer) sold 5,981 shares at $120.20 per share price.On Jun 6, 2016, Marya M Rose (V.P. – CAO) sold 848 shares at $112.11 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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