$5.92 Billion in Sales Expected for Cummins Inc. (CMI) This Quarter

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Analysts expect Cummins Inc. (NYSE:CMI) to announce sales of $5.92 billion for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Cummins’ earnings. The lowest sales estimate is $5.83 billion and the highest is $5.99 billion. Cummins reported sales of $5.29 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 11.9%. The firm is scheduled to issue its next earnings results on Tuesday, October 30th.

According to Zacks, analysts expect that Cummins will report full year sales of $23.79 billion for the current fiscal year, with estimates ranging from $23.72 billion to $23.98 billion. For the next financial year, analysts forecast that the business will post sales of $24.35 billion per share, with estimates ranging from $23.67 billion to $25.07 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Cummins.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.63 by ($0.31). Cummins had a return on equity of 26.30% and a net margin of 4.67%. The company had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter last year, the business earned $2.53 earnings per share. The business’s quarterly revenue was up 20.8% on a year-over-year basis.

A number of equities analysts have weighed in on CMI shares. Morgan Stanley set a $165.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Monday, May 7th. Argus decreased their target price on shares of Cummins to $175.00 and set a “buy” rating for the company in a research note on Friday, May 11th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 target price for the company in a research note on Tuesday, July 3rd. Stifel Nicolaus raised their target price on shares of Cummins from $160.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, August 1st. Finally, BMO Capital Markets decreased their target price on shares of Cummins from $180.00 to $170.00 and set a “market perform” rating for the company in a research note on Thursday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. Cummins currently has an average rating of “Hold” and an average price target of $166.95.

CMI traded down $1.73 on Tuesday, hitting $140.29. The company had a trading volume of 876,310 shares, compared to its average volume of 1,390,803. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.61 and a quick ratio of 1.03. Cummins has a 52-week low of $129.90 and a 52-week high of $194.18. The firm has a market capitalization of $23.40 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 0.82 and a beta of 1.11.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be given a dividend of $1.14 per share. The ex-dividend date is Tuesday, August 21st. This represents a $4.56 annualized dividend and a dividend yield of 3.25%. This is an increase from Cummins’s previous quarterly dividend of $1.08. Cummins’s dividend payout ratio (DPR) is 40.68%.

In related news, Director Alexis M. Herman sold 735 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Tracy A. Embree sold 462 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the sale, the vice president now directly owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the business. Centaurus Financial Inc. purchased a new stake in Cummins in the 1st quarter worth $115,000. Gables Capital Management Inc. purchased a new stake in Cummins in the 1st quarter worth $115,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Cummins by 5,873.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after purchasing an additional 881 shares in the last quarter. McKinley Carter Wealth Services Inc. purchased a new stake in Cummins in the 1st quarter worth $146,000. Finally, MHI Funds LLC purchased a new stake in Cummins in the 2nd quarter worth $147,000. 81.14% of the stock is owned by institutional investors and hedge funds.

Cummins Company Profile

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.

See Also: Market Capitalization – What it Means for Investors

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Earnings History and Estimates for Cummins (NYSE:CMI)

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