FY2017 EPS Estimates for Cummins Inc. (CMI) Raised by Analyst
Cummins Inc. (NYSE:CMI) – Jefferies Group boosted their FY2017 EPS estimates for shares of Cummins in a research report issued to clients and investors on Tuesday. Jefferies Group analyst S. Volkmann now anticipates that the company will post earnings per share of $10.60 for the year, up from their previous estimate of $10.00. Jefferies Group currently has a “Hold” rating and a $180.00 target price on the stock. Jefferies Group also issued estimates for Cummins’ Q1 2018 earnings at $2.70 EPS, Q2 2018 earnings at $2.90 EPS, Q3 2018 earnings at $2.80 EPS, FY2018 earnings at $11.60 EPS and FY2019 earnings at $12.40 EPS.
A number of other research firms have also recently issued reports on CMI. Royal Bank Of Canada boosted their price objective 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 objective (up previously from $186.00) on shares of Cummins in a research report on Wednesday. Piper Jaffray Companies set a $170.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Tuesday. Robert W. Baird reaffirmed a “sell” rating and set a $155.00 target price on shares of Cummins in a research note on Wednesday. Finally, Buckingham Research lifted their target price on shares of Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $168.91.
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Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the business earned $2.02 earnings per share.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Royce & Associates LP increased its position in shares of Cummins by 105.0% in the first quarter. Royce & Associates LP now owns 20,500 shares of the company’s stock valued at $3,100,000 after buying an additional 10,500 shares in the last quarter. Global Financial Private Capital LLC purchased a new position in shares of Cummins in the first quarter valued at $235,000. WINTON GROUP Ltd increased its position in shares of Cummins by 57.1% in the first quarter. WINTON GROUP Ltd now owns 124,106 shares of the company’s stock valued at $15,904,000 after buying an additional 45,095 shares in the last quarter. Good Life Advisors LLC purchased a new position in shares of Cummins in the first quarter valued at $220,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Cummins by 161.0% in the first quarter. PNC Financial Services Group Inc. now owns 504,151 shares of the company’s stock valued at $76,229,000 after buying an additional 310,995 shares in the last quarter. 81.05% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.62% 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 issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a 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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