FY2017 EPS Estimates for Cummins Inc. Increased by Seaport Global Securities (CMI)
Cummins Inc. (NYSE:CMI) – Research analysts at Seaport Global Securities upped their FY2017 EPS estimates for shares of Cummins in a research report issued on Wednesday. Seaport Global Securities analyst R. Wood now expects that the company will post earnings per share of $10.25 for the year, up from their previous estimate of $9.75. Seaport Global Securities also issued estimates for Cummins’ Q4 2017 earnings at $2.66 EPS, Q1 2018 earnings at $2.57 EPS, Q2 2018 earnings at $2.91 EPS, Q3 2018 earnings at $3.00 EPS, Q4 2018 earnings at $2.87 EPS, FY2018 earnings at $11.35 EPS, Q1 2019 earnings at $2.83 EPS, Q2 2019 earnings at $3.14 EPS, Q3 2019 earnings at $3.24 EPS and FY2019 earnings at $12.30 EPS.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 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 analyst estimates of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 EPS.
A number of other research firms have also issued reports on CMI. Stifel Nicolaus reaffirmed a “hold” rating and set a $190.00 target price (up previously from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Buckingham Research initiated coverage on shares of Cummins in a report on Tuesday, September 5th. They set a “buy” rating and a $180.00 target price for the company. Piper Jaffray Companies reaffirmed a “hold” rating and set a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Deutsche Bank AG dropped their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC upped their target price on shares of Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $168.91.
Shares of Cummins (CMI) opened at $173.07 on Monday. The company has a market cap of $28,724.00, a price-to-earnings ratio of 17.57, a P/E/G ratio of 1.39 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. Cummins has a 1-year low of $121.43 and a 1-year high of $181.79.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.50%. Cummins’s payout ratio is 43.86%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the transaction, the director now owns 5,814 shares of the company’s stock, valued at $925,995.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CMI. Carroll Financial Associates Inc. lifted its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in Cummins in the third quarter valued at about $132,000. Captrust Financial Advisors acquired a new position in Cummins in the second quarter valued at about $137,000. Acrospire Investment Management LLC acquired a new position in Cummins in the second quarter valued at about $146,000. Finally, Harbour Capital Advisors LLC acquired a new position in Cummins in the first quarter valued at about $150,000. 81.94% of the stock is currently owned by institutional investors.
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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