Representatives from Cummins Inc. (NYSE:CMI) and Schneider Electric signed a joint declaration today to partner on community improvement projects across the globe.
“This partnership will improve how Cummins provides resources and engages employees in corporate responsibility projects around the globe,” said Mark Levett, Vice President of Corporate Responsibility and CEO ofthe Cummins Foundation. “Working together, Cummins and Schneider Electric can use our global footprint, and the strength of our employee’s skills, to drive even greater change in our communities.”
Schneider Electric’s Francois Milioni, Director Training – Program “Access to energy”, concurs. “We share a belief with Cummins that as organizations with expertise and scale, we have a responsibility to actively support efforts to improve our communities and our world,” he said. “By joining forces to further animate this belief, we will be able to do more collectively than we could individually and increase the positive impacts we can make for our society.”
Both companies have a long history of strengthening communities in the areas where they operate. This dedication to local communities is continuing through a new corporate responsibility partnership. The agreement will improve how both organizations address environmental challenges, promote technical education and support equal opportunities for all.
Cummins and Schneider Electric have a strong business relationship having worked together on many business initiatives in more than a dozen countries. They also have similar values and commitments to improve communities around the globe. In an employee survey conducted by Cummins and Schneider Electric employees, more than half said participating in community service projects advances the business relationship between the two companies.
This corporate responsibility partnership is a natural next step to augment the business relationship. The two organizations can achieve greater impact together by expanding employee engagement opportunities and creating a unique business partnership for the common good.
Cummins and Schneider Electric partnered earlier on Cummins’ Technical Education for Communities (TEC) program. TEC is a coalition-based vocational education program designed to increase access to good jobs. Schneider Electric and Cummins have collaborated at the Turkey TEC site since 2014. As part of the partnership, the organizations supply equipment, develop curriculum and provide workplace learning opportunities for students. They also will help hire TEC graduates to fill open technician positions in those markets.
In addition to TEC, the two organizations plan to collaborate on Schneider Electric’s Access to Energy program, which aims to spread access to reliable, affordable and clean energy. There are also plans to work together on Power to Prosper, a Cummins initiative to develop and scale electrification models that reduce barriers to economic growth in economically troubled communities.
Both companies hope this global collaboration agreement will provide a framework for future partnerships models that provide more opportunities for employees around the world to participate in projects that improve their local communities. (Original Source)
Shares of Cummins closed today at $129.79, down $0.48 or 0.37%. CMI has a 1-year high of $151.25 and a 1-year low of $123.14. The stock’s 50-day moving average is $131.58 and its 200-day moving average is $136.89.
On the ratings front, Cummins has been the subject of a number of recent research reports. In a report issued on July 28, Standard & Poor’s analyst Jim Corridore reiterated a Buy rating on CMI, with a price target of $180, which implies an upside of 38.5% from current levels. Separately, on the same day, BMO’s Joel Tiss reiterated a Buy rating on the stock and has a price target of $145.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jim Corridore and Joel Tiss have a total average return of 12.9% and 6.7% respectively. Corridore has a success rate of 56.5% and is ranked #639 out of 3721 analysts, while Tiss has a success rate of 58.7% and is ranked #1070.
Overall, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $160.50 which is 23.5% above where the stock opened today.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products.