Cummins Inc. (CMI) Expected to Post Quarterly Sales of $4.99 Billion
Brokerages forecast that Cummins Inc. (NYSE:CMI) will report sales of $4.99 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Cummins’ earnings. The lowest sales estimate is $4.87 billion and the highest is $5.17 billion. Cummins reported sales of $4.50 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.9%. The firm is expected to issue its next quarterly earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Cummins will report full year sales of $4.99 billion for the current year, with estimates ranging from $19.24 billion to $19.45 billion. For the next financial year, analysts expect that the business will report sales of $20.49 billion per share, with estimates ranging from $19.88 billion to $20.88 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Cummins.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same quarter last year, the business earned $2.02 earnings per share. Cummins’s revenue was up 26.2% compared to the same quarter last year.
A number of research firms have commented on CMI. Royal Bank Of Canada boosted their price target on shares of Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a research report on Thursday. Stifel Nicolaus restated a “hold” rating and issued a $190.00 price target (up from $186.00) on shares of Cummins in a research report on Wednesday. Piper Jaffray Companies set a $170.00 price target on shares of Cummins and gave the company a “hold” rating in a research report on Tuesday. Jefferies Group LLC boosted their price target on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Robert W. Baird restated a “sell” rating and issued a $155.00 price target on shares of Cummins in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $168.91.
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In related news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CMI. Carroll Financial Associates Inc. grew its holdings in Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares during the period. Northwest Investment Counselors LLC acquired a new position in Cummins during the third quarter valued at approximately $132,000. Captrust Financial Advisors acquired a new position in Cummins during the second quarter valued at approximately $137,000. Acrospire Investment Management LLC acquired a new position in Cummins during the second quarter valued at approximately $146,000. Finally, Harbour Capital Advisors LLC acquired a new position in Cummins during the first quarter valued at approximately $150,000. Hedge funds and other institutional investors own 81.05% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is 43.86%.
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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