Cummins (NYSE:CMI) Posts Quarterly Earnings Results, Beats Estimates By $1.04 EPS

Cummins (NYSE:CMI - Get Free Report) released its earnings results on Monday. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04, RTT News reports. The firm had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.08 EPS.

Cummins Price Performance

NYSE CMI traded down $0.32 during trading hours on Wednesday, reaching $298.02. 828,314 shares of the company's stock were exchanged, compared to its average volume of 807,704. The firm has a fifty day moving average of $306.45 and a 200-day moving average of $341.67. Cummins has a one year low of $260.02 and a one year high of $387.90. The stock has a market cap of $41.05 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Institutional Trading of Cummins

An institutional investor recently raised its position in Cummins stock. Brighton Jones LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,112 shares of the company's stock after purchasing an additional 83 shares during the quarter. Brighton Jones LLC's holdings in Cummins were worth $736,000 at the end of the most recent quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and an average target price of $347.69.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.