Cummins (NYSE:CMI) Announces Quarterly Earnings Results

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

Cummins Price Performance

Shares of NYSE:CMI traded down $0.32 during midday trading on Wednesday, hitting $298.02. The company's stock had a trading volume of 828,314 shares, compared to its average volume of 807,704. The company has a market cap of $41.05 billion, a P/E ratio of 10.58, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins has a 12-month low of $260.02 and a 12-month high of $387.90. The business's 50 day simple moving average is $306.45 and its 200 day simple moving average is $341.67. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins Announces Dividend

The company also recently declared 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 is presently 36.22%.

Analyst Ratings Changes

Several research firms have recently commented on CMI. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and cut their price target for the stock 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 dropped their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Finally, Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $347.69.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cummins stock. Brighton Jones LLC raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,112 shares of the company's stock after buying 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. 83.46% of the stock is owned by institutional investors.

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.