Zacks Research Weighs in on Cummins Inc.'s Q2 2024 Earnings (NYSE:CMI)

Cummins Inc. (NYSE:CMI - Free Report) - Stock analysts at Zacks Research raised their Q2 2024 earnings estimates for Cummins in a report released on Thursday, March 28th. Zacks Research analyst R. Singhi now forecasts that the company will earn $4.75 per share for the quarter, up from their prior estimate of $4.74. The consensus estimate for Cummins' current full-year earnings is $18.36 per share. Zacks Research also issued estimates for Cummins' Q3 2024 earnings at $4.42 EPS.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.10 billion. During the same period last year, the company earned $4.52 EPS. The business's quarterly revenue was up 9.9% on a year-over-year basis.

Several other analysts also recently weighed in on the company. Truist Financial began coverage on Cummins in a report on Thursday, March 14th. They issued a "hold" rating and a $303.00 target price for the company. TheStreet lowered shares of Cummins from an "a-" rating to a "c+" rating in a research report on Tuesday, February 6th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Monday, March 4th. Citigroup upped their target price on Cummins from $265.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, February 12th. Finally, Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They set an "overweight" rating and a $278.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of "Hold" and an average price target of $271.64.

Cummins Stock Down 0.0 %

Shares of CMI stock traded down $0.04 during trading on Friday, reaching $294.65. The company's stock had a trading volume of 1,107,283 shares, compared to its average volume of 7,214,263. The stock's 50-day moving average price is $262.77 and its 200 day moving average price is $241.24. The company has a market capitalization of $41.80 billion, a price-to-earnings ratio of 56.88, a P/E/G ratio of 2.00 and a beta of 1.03. Cummins has a 1-year low of $203.18 and a 1-year high of $297.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins's payout ratio is currently 129.73%.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now owns 73,741 shares of the company's stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last ninety days. Insiders own 1.12% of the company's stock.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. OFI Invest Asset Management purchased a new stake in shares of Cummins in the 3rd quarter worth about $25,000. First United Bank & Trust bought a new stake in Cummins during the 4th quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $28,000. Finally, Global Wealth Strategies & Associates bought a new stake in shares of Cummins during the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

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.