Cummins (CMI) Set to Announce Quarterly Earnings on Thursday

Cummins (NYSE:CMI - Get Free Report) is set to post its quarterly earnings results before the market opens on Thursday, May 2nd. Analysts expect Cummins to post earnings of $5.13 per share for the quarter. Cummins has set its FY 2024 guidance at EPS.Parties interested in registering for the company's conference call can do so using this link.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS 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 quarter last year, the company posted $4.52 EPS. The firm's revenue was up 9.9% compared to the same quarter last year. On average, analysts expect Cummins to post $18 EPS for the current fiscal year and $21 EPS for the next fiscal year.

Cummins Trading Down 0.3 %

NYSE CMI traded down $0.94 on Thursday, hitting $291.40. 765,018 shares of the stock were exchanged, compared to its average volume of 2,715,673. The company's 50-day moving average price is $282.84 and its two-hundred day moving average price is $250.18. The company has a market capitalization of $39.85 billion, a price-to-earnings ratio of 56.25, a P/E/G ratio of 1.99 and a beta of 1.04. Cummins has a 52-week low of $203.18 and a 52-week high of $304.24. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins's payout ratio is 129.73%.

Analyst Ratings Changes

Several research firms have weighed in on CMI. StockNews.com raised Cummins from a "hold" rating to a "buy" rating in a research note on Monday. Truist Financial began coverage on shares of Cummins in a research report on Thursday, March 14th. They issued a "hold" rating and a $303.00 target price for the company. Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an "in-line" rating in a report on Tuesday, February 20th. UBS Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, TD Cowen upped their target price on Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cummins currently has an average rating of "Hold" and a consensus target price of $279.70.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 11,000 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Sharon R. Barner sold 11,000 shares of the business's stock in a transaction dated 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 transaction, the vice president now owns 17,874 shares of the company's stock, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

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.