Cummins Inc. (NYSE:CMI) Expected to Announce Quarterly Sales of $4.40 Billion

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Analysts forecast that Cummins Inc. (NYSE:CMI) will announce sales of $4.40 billion for the current quarter, Zacks reports. Six analysts have provided estimates for Cummins’ earnings. The highest sales estimate is $4.62 billion and the lowest is $4.20 billion. Cummins reported sales of $5.77 billion during the same quarter last year, which would suggest a negative year over year growth rate of 23.7%. The firm is expected to report its next earnings results on Tuesday, November 3rd.

On average, analysts expect that Cummins will report full year sales of $17.93 billion for the current fiscal year, with estimates ranging from $17.21 billion to $18.44 billion. For the next fiscal year, analysts anticipate 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 sell-side analysts that cover Cummins.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $0.93 by $0.93. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the previous year, the firm earned $4.27 earnings per share. The company’s quarterly revenue was down 38.1% compared to the same quarter last year.

Several analysts have commented on the stock. Morgan Stanley increased their price target on shares of Cummins from $152.00 to $192.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 29th. Loop Capital increased their price objective on shares of Cummins from $130.00 to $160.00 and gave the company a “sell” rating in a research report on Wednesday, July 29th. Credit Suisse Group increased their price objective on shares of Cummins from $203.00 to $244.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $145.00 to $171.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Finally, Citigroup increased their price objective on shares of Cummins from $182.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $189.12.

Cummins stock traded down $0.20 during midday trading on Tuesday, hitting $204.36. 927,897 shares of the company’s stock were exchanged, compared to its average volume of 856,166. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.42. Cummins has a 12 month low of $101.03 and a 12 month high of $215.43. The firm has a 50-day moving average of $200.73 and a two-hundred day moving average of $167.53. The company has a market cap of $30.18 billion, a PE ratio of 18.23, a P/E/G ratio of 3.41 and a beta of 1.18.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were given a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 2.57%. The ex-dividend date was Thursday, August 20th. Cummins’s dividend payout ratio is currently 34.82%.

Several institutional investors have recently made changes to their positions in the company. Fisher Asset Management LLC boosted its holdings in Cummins by 0.3% in the second quarter. Fisher Asset Management LLC now owns 73,513 shares of the company’s stock valued at $12,737,000 after purchasing an additional 251 shares in the last quarter. Eukles Asset Management grew its holdings in Cummins by 11.7% in the second quarter. Eukles Asset Management now owns 9,167 shares of the company’s stock valued at $1,588,000 after purchasing an additional 961 shares during the last quarter. Bessemer Group Inc. grew its holdings in Cummins by 107.8% in the second quarter. Bessemer Group Inc. now owns 9,905 shares of the company’s stock valued at $1,716,000 after purchasing an additional 5,138 shares during the last quarter. Raymond James & Associates grew its holdings in Cummins by 3.4% in the second quarter. Raymond James & Associates now owns 167,504 shares of the company’s stock valued at $29,021,000 after purchasing an additional 5,433 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Cummins by 22.7% in the first quarter. The Manufacturers Life Insurance Company now owns 160,561 shares of the company’s stock valued at $21,727,000 after purchasing an additional 29,682 shares during the last quarter. 82.40% 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.

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