Analysts forecast that Cummins Inc. (NYSE:CMI) will announce $3.84 earnings per share for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Cummins’ earnings. The highest EPS estimate is $3.97 and the lowest is $3.70. Cummins posted earnings of $4.05 per share in the same quarter last year, which would indicate a negative year over year growth rate of 5.2%. The firm is scheduled to announce its next earnings report on Tuesday, October 29th.
On average, analysts expect that Cummins will report full year earnings of $15.84 per share for the current year, with EPS estimates ranging from $15.41 to $16.14. For the next year, analysts forecast that the business will post earnings of $14.48 per share, with EPS estimates ranging from $13.49 to $15.85. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Cummins.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). The company had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. Cummins had a return on equity of 29.75% and a net margin of 10.74%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.14 earnings per share.
CMI has been the topic of a number of recent research reports. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and dropped their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. ValuEngine lowered shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Morgan Stanley dropped their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Evercore ISI reaffirmed an “in-line” rating and issued a $169.00 price objective (up from $163.00) on shares of Cummins in a research note on Friday, May 31st. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $166.67.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CMI. Comerica Securities Inc. boosted its stake in Cummins by 6.4% during the 4th quarter. Comerica Securities Inc. now owns 10,386 shares of the company’s stock valued at $1,388,000 after purchasing an additional 622 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cummins by 37.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,289,666 shares of the company’s stock valued at $172,338,000 after acquiring an additional 350,979 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cummins by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock valued at $333,085,000 after acquiring an additional 97,017 shares during the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of Cummins during the 1st quarter valued at $2,715,000. Finally, Washington Trust Bank lifted its position in shares of Cummins by 41.2% during the 1st quarter. Washington Trust Bank now owns 706 shares of the company’s stock valued at $111,000 after acquiring an additional 206 shares during the last quarter. 81.51% of the stock is currently owned by institutional investors.
NYSE:CMI traded up $1.54 during trading hours on Thursday, reaching $146.03. The company had a trading volume of 1,480,022 shares, compared to its average volume of 1,268,379. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $22.77 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 1.17 and a beta of 1.14. The stock has a 50-day moving average price of $165.70. Cummins has a twelve month low of $124.40 and a twelve month high of $175.91.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be given a dividend of $1.311 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Tuesday, August 20th. Cummins’s dividend payout ratio (DPR) is presently 34.47%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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