Cummins Inc. Expected to Post Q2 2024 Earnings of $4.75 Per Share (NYSE:CMI)

Cummins Inc. (NYSE:CMI) – Investment analysts at Zacks Research upped their Q2 2024 earnings estimates for Cummins in a report released on Thursday, March 28th. Zacks Research analyst R. Singhi now forecasts that the company will post earnings of $4.75 per share for the quarter, up from their prior forecast of $4.74. The consensus estimate for Cummins’ current full-year earnings is $18.36 per share. Zacks Research also issued estimates for Cummins’ Q3 2024 earnings at $4.42 EPS.

Several other research firms have also recently issued reports on CMI. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Truist Financial started coverage on shares of Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 price target on the stock. Finally, Citigroup lifted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $271.64.

Cummins Price Performance

CMI opened at $294.61 on Friday. The company’s 50 day simple moving average is $261.54 and its 200 day simple moving average is $240.87. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins has a 1 year low of $203.18 and a 1 year high of $297.11. The stock has a market capitalization of $41.79 billion, a PE ratio of 56.87, a P/E/G ratio of 2.00 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the firm earned $4.52 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.28%. Cummins’s payout ratio is currently 129.73%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 1.12% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds and other institutional investors have recently made changes to their positions in CMI. OFI Invest Asset Management bought a new stake in shares of Cummins in the third quarter worth $25,000. First United Bank & Trust bought a new stake in Cummins during the fourth quarter valued at $25,000. Private Wealth Management Group LLC bought a new stake in Cummins during the fourth quarter valued at $26,000. Silver Oak Securities Incorporated bought a new stake in Cummins during the third quarter valued at $28,000. Finally, Global Wealth Strategies & Associates bought a new stake in Cummins during the third quarter valued at $29,000. Institutional investors own 83.46% of the company’s stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.