$4.79 Billion in Sales Expected for Cummins Inc. (NYSE:CMI) This Quarter
Analysts expect Cummins Inc. (NYSE:CMI) to announce sales of $4.79 billion for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Cummins’ earnings. The lowest sales estimate is $4.63 billion and the highest is $4.90 billion. Cummins reported sales of $4.53 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 5.7%. The firm is scheduled to issue its next earnings results on Tuesday, August 1st.
According to Zacks, analysts expect that Cummins will report full year sales of $4.79 billion for the current fiscal year, with estimates ranging from $18.25 billion to $18.68 billion. For the next financial year, analysts forecast that the business will post sales of $19.27 billion per share, with estimates ranging from $18.90 billion to $19.47 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Cummins.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The business had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the firm earned $1.87 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis.
CMI has been the subject of several research reports. Deutsche Bank AG reaffirmed a “sell” rating and issued a $154.00 price target (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $160.00 price target (up previously from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. Finally, Barclays PLC set a $137.00 price target on shares of Cummins and gave the stock a “hold” rating in a research report on Saturday, April 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $150.65.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The shares were 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 in the company, valued at approximately $6,328,459.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares in the company, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders have sold a total of 52,626 shares of company stock worth $8,521,945 in the last 90 days. 0.62% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. Norges Bank bought a new position in shares of Cummins during the fourth quarter worth about $304,217,000. AQR Capital Management LLC raised its position in shares of Cummins by 34.9% in the fourth quarter. AQR Capital Management LLC now owns 2,280,607 shares of the company’s stock worth $311,690,000 after buying an additional 590,261 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the last quarter. Institutional investors and hedge funds own 80.10% of the company’s stock.
Shares of Cummins (NYSE:CMI) traded down 0.88% during trading on Friday, hitting $162.77. 316,826 shares of the company’s stock were exchanged. The stock has a market cap of $27.23 billion, a P/E ratio of 18.66 and a beta of 1.08. Cummins has a one year low of $107.51 and a one year high of $165.21. The firm has a 50-day moving average price of $158.15 and a 200-day moving average price of $150.20. Cummins also was the recipient of unusually large options trading activity on Wednesday. Investors acquired 144 call options on the stock. This is an increase of approximately 136% compared to the typical volume of 61 call options.
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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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