$6.09 Billion in Sales Expected for Cummins Inc. (NYSE:CMI) This Quarter

Equities research analysts predict that Cummins Inc. (NYSE:CMI) will announce $6.09 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Cummins’ earnings, with the lowest sales estimate coming in at $5.78 billion and the highest estimate coming in at $6.37 billion. Cummins reported sales of $5.12 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 18.9%. The firm is expected to report its next quarterly earnings results on Tuesday, October 26th.

According to Zacks, analysts expect that Cummins will report full year sales of $24.65 billion for the current financial year, with estimates ranging from $24.23 billion to $25.18 billion. For the next financial year, analysts expect that the company will post sales of $26.30 billion, with estimates ranging from $25.72 billion to $26.69 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Cummins.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, August 2nd. The company reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.06 by $0.04. Cummins had a return on equity of 25.26% and a net margin of 9.52%. The firm had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the business posted $1.86 earnings per share. The business’s revenue was up 58.4% compared to the same quarter last year.

Several analysts recently weighed in on the company. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating and set a $251.00 price target for the company. in a report on Thursday, July 15th. Cowen upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 price objective on the stock in a research report on Friday, July 16th. Credit Suisse Group boosted their price objective on Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on Cummins from $262.00 to $255.00 and set a “hold” rating on the stock in a research note on Wednesday, July 14th. Finally, Vertical Research raised Cummins from a “hold” rating to a “buy” rating and set a $280.00 price objective on the stock in a research note on Monday, July 26th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $280.83.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of Cummins by 5.3% during the 1st quarter. BlackRock Inc. now owns 13,717,674 shares of the company’s stock valued at $3,554,386,000 after acquiring an additional 686,581 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Cummins by 1.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,584,150 shares of the company’s stock valued at $1,117,662,000 after buying an additional 43,799 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cummins by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 2,665,065 shares of the company’s stock valued at $648,101,000 after buying an additional 39,451 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Cummins by 10.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,977,042 shares of the company’s stock valued at $482,023,000 after purchasing an additional 185,095 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Cummins by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 1,588,982 shares of the company’s stock valued at $387,411,000 after purchasing an additional 63,671 shares during the last quarter. Institutional investors own 80.40% of the company’s stock.

CMI opened at $221.47 on Tuesday. Cummins has a 12-month low of $199.70 and a 12-month high of $277.09. The stock has a market cap of $31.80 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.27 and a beta of 1.05. The business has a 50 day moving average of $234.86 and a 200-day moving average of $248.86. The company has a quick ratio of 1.19, a current ratio of 1.81 and a debt-to-equity ratio of 0.41.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Stockholders of record on Friday, August 20th were issued a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a dividend yield of 2.62%. This is a positive change from Cummins’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Thursday, August 19th. Cummins’s dividend payout ratio (DPR) is presently 47.62%.

About Cummins

Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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