Wall Street brokerages predict that Cummins Inc. (NYSE:CMI) will post $5.85 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cummins’ earnings. The highest sales estimate is $5.99 billion and the lowest is $5.79 billion. Cummins reported sales of $5.94 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 1.5%. The firm is expected to issue its next earnings results on Tuesday, October 29th.
On average, analysts expect that Cummins will report full year sales of $23.97 billion for the current financial year, with estimates ranging from $23.80 billion to $24.21 billion. For the next financial year, analysts expect that the company will post sales of $22.79 billion, with estimates ranging from $21.90 billion to $24.35 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Cummins.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The company had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same quarter in the previous year, the firm earned $4.14 earnings per share. The business’s revenue was up 1.5% on a year-over-year basis.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMI. Gradient Investments LLC raised its stake in Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the period. Krane Funds Advisors LLC acquired a new position in shares of Cummins in the second quarter worth $26,000. Guidant Wealth Advisors acquired a new position in shares of Cummins in the first quarter worth $29,000. Kempen Capital Management N.V. acquired a new position in shares of Cummins in the second quarter worth $29,000. Finally, SeaBridge Investment Advisors LLC acquired a new position in shares of Cummins in the first quarter worth $32,000. Hedge funds and other institutional investors own 81.51% of the company’s stock.
CMI stock traded up $1.54 during midday trading on Friday, reaching $146.03. The company had a trading volume of 1,480,022 shares, compared to its average volume of 1,268,379. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The stock’s 50 day moving average price is $165.70. Cummins has a fifty-two week low of $124.40 and a fifty-two week high of $175.91. The stock has a market cap of $22.77 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.17 and a beta of 1.14.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be given a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.59%. This is an increase from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend is Tuesday, August 20th. Cummins’s dividend payout ratio is 34.47%.
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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