Equities research analysts expect that Cummins Inc. (NYSE:CMI) will post sales of $4.40 billion for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Cummins' earnings. The highest sales estimate is $4.62 billion and the lowest is $4.20 billion. Cummins posted sales of $5.77 billion in the same quarter last year, which would indicate a negative year over year growth rate of 23.7%. The firm is scheduled to announce its next earnings report on Tuesday, November 3rd.
According to Zacks, analysts expect that Cummins will report full-year sales of $17.93 billion for the current financial year, with estimates ranging from $17.21 billion to $18.44 billion. For the next financial year, analysts forecast that the firm will report sales of $20.04 billion, with estimates ranging from $18.51 billion to $21.02 billion. Zacks' sales averages are a mean average based on a survey of research analysts that cover Cummins.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.86 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.93 by $0.93. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The business's quarterly revenue was down 38.1% compared to the same quarter last year. During the same period last year, the company earned $4.27 EPS.
A number of brokerages have recently weighed in on CMI. Sanford C. Bernstein began coverage on Cummins in a research report on Tuesday. They issued an "outperform" rating and a $255.00 price objective on the stock. Deutsche Bank initiated coverage on Cummins in a research note on Tuesday, June 30th. They issued a "hold" rating and a $172.00 target price for the company. Barclays raised their target price on Cummins from $175.00 to $192.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 29th. Wells Fargo & Company raised their target price on Cummins from $225.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, August 25th. Finally, Bank of America raised their target price on Cummins from $185.00 to $216.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company's stock. Cummins currently has a consensus rating of "Hold" and an average target price of $196.78.
A number of large investors have recently made changes to their positions in CMI. Nordea Investment Management AB raised its stake in Cummins by 89.7% during the second quarter. Nordea Investment Management AB now owns 1,575,980 shares of the company's stock valued at $269,508,000 after buying an additional 745,256 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cummins by 44.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,991,793 shares of the company's stock worth $345,099,000 after purchasing an additional 615,357 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Cummins by 674.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 553,986 shares of the company's stock worth $95,984,000 after purchasing an additional 482,434 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Cummins by 31.2% in the first quarter. Wells Fargo & Company MN now owns 1,877,796 shares of the company's stock worth $254,104,000 after purchasing an additional 446,111 shares during the last quarter. Finally, Capital International Investors purchased a new position in shares of Cummins in the first quarter worth $56,469,000. Institutional investors and hedge funds own 82.40% of the company's stock.
Shares of CMI stock opened at $203.01 on Thursday. The firm has a market cap of $29.98 billion, a P/E ratio of 18.11, a P/E/G ratio of 3.53 and a beta of 1.18. Cummins has a fifty-two week low of $101.03 and a fifty-two week high of $215.43. The business's 50 day moving average price is $207.77 and its 200-day moving average price is $171.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.42.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, August 20th. Cummins's payout ratio is 34.82%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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