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Stock Update: Cummins Inc (NYSE:CMI) – Cummins and Olayan Announce Middle East Joint Venture

[Business Wire] – Today, Cummins Inc. and The Olayan Group announced the formation of Cummins Arabia, a 50:50, three-country distribution joint venture company in the Middle East. Read more on this. Cummins Inc. (CMI) , with a current value of $18.49B, started trading this morning at $107.36. During today’s session, CMI traded between $107.04 to $108.75 with a one year range of $79.88 to $143.40. CMI shares are currently priced at 13.85x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 8.97x earnings multiple. And for passive income investors, the company pays shareholders $3.90 per share annually in dividends, yielding 3.63%. In a review of the consensus earnings estimate this quarter, 23 sell-side analysts are looking at $1.79 per share, which would be $0.35 worse than the year-ago quarter and a $0.10 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $7.83, which would be a $1.10 setback when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.31 Billion. If reported, that would be a 8.49% decrease over the year-ago quarter. Recently, Citigroup downgraded CMI from Buy to Neutral (Jan 25, 2016). Previously, Robert W. Baird downgraded CMI from Outperform to Neutral. When considering if the stock is under or overvalued, the average price target is $97.37, which is 9.31% below where the stock opened this morning. See more in (NYSE:CMI) Similar Articles: Market Update: Cummins Inc (NYSE:CMI) – Cummins Reorganizing Kent Operations to Improve Efficiencies Company Update: Cummins Inc (NYSE:CMI) – Cummins Inc. Declares Quarterly Common Stock Dividend Stock Update: Cummins Inc (NYSE:CMI) – Cummins Names Mary Titsworth Chandler, Executive Director, Corporate Responsibility and CEO, Cummins Foundation
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