Cummins Inc. (CMI) Expected to Post Quarterly Sales of $4.79 Billion
Equities research analysts predict that Cummins Inc. (NYSE:CMI) will report sales of $4.79 billion for the current quarter, according to Zacks. Seven analysts have made estimates for Cummins’ earnings, with the highest sales estimate coming in at $4.9 billion and the lowest estimate coming in at $4.63 billion. Cummins reported sales of $4.53 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.7%. The firm is expected to announce its next earnings report on Tuesday, August 1st.
On average, analysts expect that Cummins will report full year sales of $4.79 billion for the current year, with estimates ranging from $18.25 billion to $18.68 billion. For the next financial year, analysts expect that the business will post sales of $19.27 billion per share, with estimates ranging from $18.9 billion to $19.47 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Cummins.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.55. The firm had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Cummins had a return on equity of 19.99% and a net margin of 7.96%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.87 earnings per share.
Several analysts have recently commented on CMI shares. Longbow Research raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $165.00 price target on the stock in a research report on Thursday, January 19th. Vetr lowered Cummins from a “buy” rating to a “hold” rating and set a $153.33 target price on the stock. in a research report on Wednesday, January 25th. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $165.00 target price on the stock in a research report on Tuesday, January 31st. Credit Suisse Group AG reissued a “buy” rating and issued a $173.00 target price on shares of Cummins in a research report on Friday, February 10th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $140.00 target price on shares of Cummins in a research report on Wednesday, March 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $149.46.
In related news, Director Alexis M. Herman sold 1,300 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the completion of the transaction, the director now owns 29,656 shares in the company, valued at $4,720,048.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $151.03, for a total transaction of $604,120.00. Following the transaction, the insider now owns 41,902 shares of the company’s stock, valued at approximately $6,328,459.06. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,840 shares of company stock valued at $5,789,048. Insiders own 0.57% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CMI. Guggenheim Capital LLC increased its position in Cummins by 24.0% in the fourth quarter. Guggenheim Capital LLC now owns 399,785 shares of the company’s stock valued at $54,638,000 after buying an additional 77,478 shares in the last quarter. Allegis Investment Advisors LLC increased its position in Cummins by 48.0% in the third quarter. Allegis Investment Advisors LLC now owns 10,211 shares of the company’s stock valued at $1,309,000 after buying an additional 3,313 shares in the last quarter. Pinnacle Bank bought a new position in Cummins during the first quarter valued at about $105,000. Stratos Wealth Partners LTD. increased its position in Cummins by 6.0% in the third quarter. Stratos Wealth Partners LTD. now owns 8,193 shares of the company’s stock valued at $1,050,000 after buying an additional 461 shares in the last quarter. Finally, Texan Capital Management increased its position in Cummins by 0.4% in the third quarter. Texan Capital Management now owns 11,918 shares of the company’s stock valued at $1,527,000 after buying an additional 45 shares in the last quarter. Institutional investors own 80.81% of the company’s stock.
Cummins (NYSE:CMI) traded down 1.822% on Wednesday, hitting $153.545. The stock had a trading volume of 311,242 shares. The firm’s 50 day moving average price is $151.87 and its 200-day moving average price is $145.39. Cummins has a 12 month low of $105.33 and a 12 month high of $163.36. The stock has a market cap of $25.69 billion, a PE ratio of 17.602 and a beta of 1.27.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 19th will be paid a dividend of $1.025 per share. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.60%. Cummins’s payout ratio is currently 49.76%.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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