Zacks: Brokerages Anticipate Cummins Inc. (CMI) Will Announce Quarterly Sales of $4.72 Billion
Equities research analysts expect that Cummins Inc. (NYSE:CMI) will post sales of $4.72 billion for the current quarter, Zacks reports. Seven analysts have provided estimates for Cummins’ earnings, with the highest sales estimate coming in at $4.91 billion and the lowest estimate coming in at $4.64 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 firm is expected to report its next quarterly earnings report on Tuesday, November 7th.
On average, analysts expect that Cummins will report full year sales of $4.72 billion for the current year, with estimates ranging from $19.24 billion to $19.55 billion. For the next fiscal year, analysts expect that the company 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 an average based on a survey of sell-side analysts that that provide coverage for Cummins.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share.
CMI has been the subject of a number of recent analyst reports. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $187.00 price target for the company in a report on Thursday. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price target on shares of Cummins in a report on Tuesday, September 12th. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price target on shares of Cummins in a report on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $161.21.
Cummins (NYSE:CMI) opened at 167.98 on Monday. The company has a market capitalization of $28.05 billion, a price-to-earnings ratio of 18.99 and a beta of 1.10. The firm’s 50-day moving average price is $158.40 and its 200 day moving average price is $157.01. Cummins has a 12-month low of $119.41 and a 12-month high of $170.68.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is 48.76%.
In related news, COO Richard Joseph Freeland sold 22,550 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $165.00, for a total value of $3,720,750.00. Following the transaction, the chief operating officer now owns 14,131 shares of the company’s stock, valued at approximately $2,331,615. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the transaction, the insider now directly owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. Insiders have sold a total of 44,183 shares of company stock worth $7,320,858 in the last three months. Insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Carroll Financial Associates Inc. lifted its position in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after acquiring an additional 83 shares in the last quarter. Captrust Financial Advisors bought a new position in Cummins in the 2nd quarter valued at about $137,000. First Interstate Bank lifted its position in Cummins by 26.3% in the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after acquiring an additional 194 shares in the last quarter. Acrospire Investment Management LLC bought a new position in Cummins in the 2nd quarter valued at about $146,000. Finally, Harbour Capital Advisors LLC bought a new position in Cummins in the 1st quarter valued at about $150,000. 80.38% of the stock is currently owned by institutional investors and hedge funds.
Cummins Company Profile
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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