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Buckingham Research Initiates Coverage on Cummins

Author : Date : 2013-7-17 14:20:17

Buckingham Research assumed coverage on shares ofCummins (NYSE: CMI) in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm issued a buy rating on the stock.

A number of other firms have also recently commented on CMI. Analysts at Goldman Sachs Group Inc. reiterated a conviction-buy rating on shares of Cummins in a research note to investors on Thursday, July 11th. They now have a $140.00 price target on the stock. Separately, analysts at BB&T Corp. initiated coverage on shares of Cummins in a research note to investors on Wednesday, July 10th. They set a buy rating and a $135.00 price target on the stock. Finally, analysts at BMO Capital Markets reiterated an outperform rating on shares of Cummins in a research note to investors on Thursday, July 4th. They now have a $130.00 price target on the stock.

Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cummins presently has a consensus rating of Buy and a consensus price target of $125.25.

Cummins (NYSE: CMI) traded down 1.34% on Friday, hitting $115.72. Cummins has a 52-week low of $84.35 and a 52-week high of $122.54. The stock’s 50-day moving average is currently $114.1. The company has a market cap of $21.790 billion and a price-to-earnings ratio of 15.08.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 3rd. Investors of record on Thursday, August 22nd will be given a dividend of $0.63 per share. This represents a $2.50 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $0.50.

Cummins Inc is a diesel engine manufacturer. The Company designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products, including filtration, exhaust aftertreatment, fuel systems, fuel systems, controls systems, air handling systems and electric power.