Cummins (CMI) Receives a Buy from Wells Fargo


In a report released yesterday, Andy Casey from Wells Fargo maintained a Buy rating on Cummins (CMI). The company’s shares closed last Wednesday at $153.65.

According to TipRanks.com, Casey is a 4-star analyst with an average return of 6.6% and a 54.7% success rate. Casey covers the Industrial Goods sector, focusing on stocks such as Illinois Tool Works, Parker Hannifin, and Caterpillar.

Currently, the analyst consensus on Cummins is a Moderate Buy with an average price target of $166.00, implying a 7.4% upside from current levels. In a report issued on April 29, Citigroup also maintained a Buy rating on the stock with a $182.00 price target.

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Based on Cummins’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $5.01 billion and net profit of $511 million. In comparison, last year the company earned revenue of $6 billion and had a net profit of $663 million.

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Cummins, Inc. designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, agricultural, construction, mining, marine, oil and gas, rail and governmental equipment markets. The Distribution segment consists of parts, engines, power generation and service, which service and distributes its products and services. The Components segment supplies products such as, aftertreatment systems, turbochargers, transmissions, filtration products, electronics and fuel systems for commercial diesel and natural gas applications. The Power Systems segment engages in power generation, industrial and generator technologies. The New Power segment designs, manufactures, sells and supports electrified power systems with components and subsystems, including battery, fuel cell and hydrogen production technologies. The company was founded by Clessie Lyle Cummins and William Glanton Irwin on February 3, 1919 and is headquartered in Columbus, IN.

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