Analysts Anticipate Cummins Inc. (CMI) Will Post Quarterly Sales of $4.72 Billion
Wall Street analysts predict that Cummins Inc. (NYSE:CMI) will announce sales of $4.72 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Cummins’ earnings. The lowest sales estimate is $4.64 billion and the highest is $4.91 billion. Cummins reported sales of $4.19 billion during the same quarter last year, which would suggest a positive year over year growth rate of 12.6%. The business is scheduled to issue its next earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Cummins will report full year sales of $4.72 billion for the current financial year, with estimates ranging from $19.24 billion to $19.55 billion. For the next fiscal year, analysts expect that the firm will report sales of $20.23 billion per share, with estimates ranging from $19.88 billion to $20.60 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Cummins.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company earned $2.40 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year.
Several equities analysts have weighed in on CMI shares. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Thursday, July 20th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a report on Monday, August 7th. Stifel Nicolaus lifted their price objective on Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a report on Thursday, June 15th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $156.21.
Cummins (NYSE CMI) opened at 150.79 on Friday. The firm’s 50-day moving average price is $161.81 and its 200 day moving average price is $155.47. Cummins has a 1-year low of $116.03 and a 1-year high of $170.68. The firm has a market capitalization of $25.18 billion, a price-to-earnings ratio of 17.04 and a beta of 1.09.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.86%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is currently 48.76%.
In related news, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the sale, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold a total of 60,969 shares of company stock worth $10,053,755 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in CMI. State Street Corp raised its stake in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares during the period. Vanguard Group Inc. raised its stake in Cummins by 2.6% in the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after buying an additional 298,352 shares during the period. BlackRock Inc. raised its stake in Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after buying an additional 422,135 shares during the period. American International Group Inc. raised its stake in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares during the period. Finally, American Century Companies Inc. raised its stake in Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.
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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