Q3 2017 EPS Estimates for Cummins Inc. (NYSE:CMI) Boosted by Analyst
Cummins Inc. (NYSE:CMI) – Investment analysts at Seaport Global Securities boosted their Q3 2017 EPS estimates for shares of Cummins in a research note issued to investors on Wednesday. Seaport Global Securities analyst R. Wood now expects that the company will earn $2.45 per share for the quarter, up from their previous estimate of $2.10. Seaport Global Securities has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Cummins’ FY2017 earnings at $9.75 EPS and FY2018 earnings at $10.65 EPS.
Other equities analysts also recently issued reports about the stock. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies reissued a “hold” rating and set a $161.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Deutsche Bank AG increased their target price on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research report on Tuesday, July 4th. 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’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $154.33.
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Cummins (CMI) opened at 160.16 on Monday. The firm has a market cap of $26.75 billion, a PE ratio of 18.10 and a beta of 1.09. The firm’s 50 day moving average price is $163.27 and its 200-day moving average price is $154.51. Cummins has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.40 EPS.
Several large investors have recently added to or reduced their stakes in CMI. Pinnacle Bank bought a new stake in Cummins during the first quarter valued at $105,000. Carroll Financial Associates Inc. boosted its stake in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Cohen Capital Management Inc. bought a new stake in Cummins during the first quarter valued at $121,000. First Manhattan Co. boosted its stake in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the last quarter. Finally, First Interstate Bank boosted its stake in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.
In related news, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the sale, the insider now owns 41,902 shares in the company, valued at $6,892,879. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. Insiders have sold 60,636 shares of company stock valued at $10,000,575 over the last 90 days. Corporate insiders own 0.62% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.70%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio is 46.28%.
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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