Brokerages expect Cummins Inc. (NYSE:CMI) to report sales of $5.92 billion for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Cummins’ earnings, with estimates ranging from $5.83 billion to $5.99 billion. Cummins posted sales of $5.29 billion during the same quarter last year, which would indicate a positive year over year growth rate of 11.9%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, October 30th.
According to Zacks, analysts expect that Cummins will report full year sales of $23.81 billion for the current year, with estimates ranging from $23.72 billion to $24.13 billion. For the next year, analysts expect that the business will report sales of $24.37 billion per share, with estimates ranging from $23.67 billion to $25.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cummins.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). The firm had revenue of $6.13 billion for the quarter, compared to analyst estimates of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.53 earnings per share.
Shares of Cummins stock traded up $2.27 during midday trading on Friday, reaching $143.26. The company had a trading volume of 1,898 shares, compared to its average volume of 1,434,506. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.61 and a quick ratio of 1.03. The firm has a market cap of $23.23 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.81 and a beta of 1.11. Cummins has a fifty-two week low of $129.90 and a fifty-two week high of $194.18.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be paid a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Tuesday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $1.08. Cummins’s dividend payout ratio is 42.94%.
In other news, VP Tracy A. Embree sold 462 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $141.70, for a total transaction of $65,465.40. Following the transaction, the vice president now owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Schroder Investment Management Group lifted its holdings in Cummins by 8.3% during the 2nd quarter. Schroder Investment Management Group now owns 582,002 shares of the company’s stock worth $77,546,000 after purchasing an additional 44,846 shares in the last quarter. Mount Yale Investment Advisors LLC increased its stake in Cummins by 22.6% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 5,614 shares of the company’s stock worth $747,000 after acquiring an additional 1,035 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in Cummins by 40.7% in the 2nd quarter. SRS Capital Advisors Inc. now owns 1,472 shares of the company’s stock worth $195,000 after acquiring an additional 426 shares during the last quarter. Paragon Capital Management Ltd increased its stake in Cummins by 55.6% in the 2nd quarter. Paragon Capital Management Ltd now owns 2,972 shares of the company’s stock worth $395,000 after acquiring an additional 1,062 shares during the last quarter. Finally, City Holding Co. increased its stake in Cummins by 13.6% in the 2nd quarter. City Holding Co. now owns 7,663 shares of the company’s stock worth $1,019,000 after acquiring an additional 920 shares during the last quarter. 79.42% of the stock is currently 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.
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