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Mon, Feb. 9, 8:14 AM
- Susquehanna has downgraded Cummins (NYSE:CMI) to Neutral from Positive and lowered its price target to $148 from $168 citing a more challenging macro environment.
- The firm sees increased headwinds in power generation, a peaking U.S. Class 8 truck cycle for engines and decelerating components growth.
- Atlantic Equities has also weighed in on Cummins, downgrading the stock to Neutral from Overweight.
- CMI -1% premarket
Mon, Feb. 9, 6:10 AM
Thu, Feb. 5, 9:16 AM
- Cummins (NYSE:CMI) -3.6% premarket after Q4 results edged Wall Street estimates, but the diesel engine maker cut its FY 2015 revenue forecast, citing weak demand in international markets and a strong dollar.
- CMI, which gets more than half its revenue from outside the U.S., now sees full-year revenue growth of 2%-4%, which equates to $19.6B-$20B and below its earlier outlook for $20B-$23B; analysts had been eyeing $20.9B in revenues on 9% growth.
- The weak forecast overshadows an 11.2% Y/Y gain in Q4 revenue to $5.1B, driven by strong demand for the company's truck engines in North America; revenues for the full year totaled a record $19.2B, up 11% Y/Y, on improving demand in on-highway markets in North America.
- Says it is maintaining its commitment to return half of operating cash flow to shareholders in 2015.
Thu, Feb. 5, 7:35 AM
Wed, Feb. 4, 5:30 PM
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Tue, Jan. 27, 3:58 PM
- Cummins (CMI -3.8%) is downgraded to Market Perform from Outperform at First Global despite delivering a respectable performance for the final nine months of 2014.
- CMI’s industrial engines are highly exposed to the construction and mining industries which are being impacted by weak capital spending in China and other emerging markets, the firm says; also, demand in the Chinese and Brazilian truck markets remains weak.
- At 13.9x estimated CY 2015 earnings, CMI shares already trade at a moderate premium to peers such as Caterpillar, First Global adds.
- CMI and other equipment manufacturers are broadly lower following Caterpillar's (CAT -7.2%) disappointing quarter: JOY -5.3%, MTW -5.1%, DE -2.7%, CNHI -1.9%.
Tue, Jan. 27, 2:35 PM
Nov. 17, 2014, 8:20 AM
- A positive article in Barron's on Cummins (NYSE:CMI) appears to be giving the stock a premarket boost.
- Shares of Cummins could rise by as much as 15% over the next year as its North American market could prove stronger than some expect. In addition to strength in North America, its business abroad could improve, especially in China.
- In the U.S., a recovering economy, along with tight rail capacity and aging truck fleets, is driving truckers to buy new vehicles. Several analysts think that the order upturn could last at least through 2016.
- CMI +0.3% premarket
- Source: Barron's
Oct. 28, 2014, 8:10 AM
- Net income of $423M, or $2.32 per diluted share vs. $355M, or $1.90 per diluted share in the third quarter of 2013.
- Revenue by segment: Components +20%; Power Generation +6%; Distribution +37%.
- The company repurchased 1.2M shares during the quarter, putting it on track to return 50% of annual operating cash flow to shareholders.
- Q3 results
- CMI +3.9% premarket
Oct. 28, 2014, 7:33 AM
Oct. 27, 2014, 5:30 PM
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Oct. 14, 2014, 4:14 PM
Oct. 14, 2014, 3:31 PM
- Global growth, foreign-exchange, oil, and small caps are the subject of every client inquiry, says David Kostin. His team's recommendation: Buy "American exceptionalism."
- In Kostin's view, U.S. economy and corporate fundamentals are still strong, with economic growth expected by Goldman economists to be 3.2% next year, the fastest expansion since 2005. Europe is expected to grow just 1%.
- What his team likes are those stocks of companies which have a high proportion of domestic sales, plus sectors like Consumer Staples (XLP -0.1%) and Discretionary (XLY +0.7%) which stand to benefit from lower oil prices (plunging again today).
- As for small caps (IWM +0.9%), Kostin is wary, noting downward earnings revisions have boosted small cap P/E ratios even as prices have declined.
- The list of S&P 500 names capturing two or more of Kostin's themes: GT, GM, PCLN, AMZN, CMCSA, LOW, DG, TSN, ADM, CVS, AVP, WAG, PXD, HAL, JPM, BAC, SCHW, PNC, MS, C, GNW, LNC, MET, THC, AET, UNH, ESRX, HUM, WLP, BIIB, GILD, DAL, CMI, FLR, CRM, JBL, MA, FB, MU, FSLR, VMC, MON, T.
Oct. 8, 2014, 12:55 PM
- Cummins (CMI +0.5%) is initiated with a Buy rating and $160 price target at Stifel, based on 13x the firm's 2016 EPS estimate of $12.30.
- The firm believes the North American heavy duty truck market is in the midst of a multi-year replacement/upgrade cycle, driven by improved operating costs associated with newer tractors, favorable replacement demographics of equipment in the field, improvement in freight demand, and strong used equipment prices for late model/low mileage equipment.
Oct. 7, 2014, 10:26 AM
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