Cummins Inc. to Post FY2017 Earnings of $10.10 Per Share, William Blair Forecasts (CMI)
Cummins Inc. (NYSE:CMI) – Equities researchers at William Blair increased their FY2017 earnings estimates for Cummins in a research report issued to clients and investors on Tuesday. William Blair analyst L. De. Maria now forecasts that the company will post earnings of $10.10 per share for the year, up from their prior forecast of $9.85.
CMI has been the topic of a number of other reports. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Royal Bank Of Canada increased their target price on shares of Cummins from $169.00 to $173.00 and gave the stock a “sector perform” rating in a report on Thursday. Robert W. Baird reiterated a “sell” rating and set a $153.00 target price on shares of Cummins in a report on Thursday, October 12th. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 target price on shares of Cummins in a report on Thursday, September 7th. Finally, ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and a consensus target price of $168.91.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.44%. Cummins’s dividend payout ratio (DPR) is presently 43.86%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Carroll Financial Associates Inc. grew 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. Northwest Investment Counselors LLC acquired a new position in Cummins in the 3rd quarter valued at about $132,000. Captrust Financial Advisors acquired a new position in Cummins in the 2nd quarter valued at about $137,000. Acrospire Investment Management LLC acquired a new position in Cummins in the 2nd quarter valued at about $146,000. Finally, Harbour Capital Advisors LLC acquired a new position in Cummins in the 1st quarter valued at about $150,000. 81.05% of the stock is owned by institutional investors.
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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