Zacks: Analysts Anticipate Cummins Inc. (NYSE:CMI) Will Post Quarterly Sales of $5.80 Billion

Analysts forecast that Cummins Inc. (NYSE:CMI) will announce sales of $5.80 billion for the current quarter, according to Zacks. Six analysts have made estimates for Cummins’ earnings, with estimates ranging from $5.64 billion to $6.08 billion. Cummins posted sales of $5.83 billion during the same quarter last year, which would indicate a negative year over year growth rate of 0.5%. The company is expected to issue its next earnings report on Thursday, February 3rd.

According to Zacks, analysts expect that Cummins will report full-year sales of $23.99 billion for the current fiscal year, with estimates ranging from $23.81 billion to $24.26 billion. For the next year, analysts forecast that the business will post sales of $26.01 billion, with estimates ranging from $25.31 billion to $26.69 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Cummins.

Cummins (NYSE:CMI) last released its earnings results on Monday, November 1st. The company reported $3.69 EPS for the quarter, missing the consensus estimate of $3.99 by ($0.30). Cummins had a net margin of 9.32% and a return on equity of 24.91%. During the same quarter last year, the business earned $3.57 EPS.

Several brokerages recently commented on CMI. Evercore ISI reduced their price target on shares of Cummins from $315.00 to $299.00 and set an “outperform” rating for the company in a research report on Thursday, October 14th. Credit Suisse Group upped their price target on shares of Cummins from $295.00 to $304.00 and gave the company an “outperform” rating in a research report on Wednesday, November 3rd. Morgan Stanley upped their price target on shares of Cummins from $252.00 to $262.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 3rd. Citigroup upped their price target on shares of Cummins from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, October 12th. Finally, The Goldman Sachs Group lowered shares of Cummins from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $270.00 to $230.00 in a research note on Tuesday, August 24th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $284.36.

Shares of NYSE:CMI traded down $1.98 during mid-day trading on Thursday, hitting $225.86. The stock had a trading volume of 1,143,829 shares, compared to its average volume of 1,027,933. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.17 and a current ratio of 1.80. The company has a market cap of $32.31 billion, a PE ratio of 14.84, a P/E/G ratio of 1.31 and a beta of 1.06. Cummins has a 12-month low of $216.41 and a 12-month high of $277.09. The company’s 50 day moving average is $233.40 and its 200-day moving average is $239.56.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 2nd. Stockholders of record on Friday, November 19th will be paid a dividend of $1.45 per share. The ex-dividend date of this dividend is Thursday, November 18th. This represents a $5.80 annualized dividend and a dividend yield of 2.57%. Cummins’s dividend payout ratio (DPR) is 38.11%.

In related news, VP Walter J. Fier sold 7,360 shares of the firm’s stock in a transaction on Thursday, November 11th. The shares were sold at an average price of $235.70, for a total value of $1,734,752.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leo Allen Bruno V. Di sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 17th. The shares were sold at an average price of $233.81, for a total transaction of $233,810.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,550 shares of company stock worth $4,052,119. 1.00% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. Amundi bought a new position in shares of Cummins during the 2nd quarter worth about $339,899,000. Nordea Investment Management AB lifted its holdings in shares of Cummins by 103.6% during the 3rd quarter. Nordea Investment Management AB now owns 1,569,124 shares of the company’s stock worth $362,640,000 after acquiring an additional 798,253 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Cummins by 7,718.0% during the 3rd quarter. EP Wealth Advisors LLC now owns 505,511 shares of the company’s stock worth $859,000 after acquiring an additional 499,045 shares during the period. Man Group plc lifted its holdings in shares of Cummins by 84.9% during the 2nd quarter. Man Group plc now owns 1,038,440 shares of the company’s stock worth $253,182,000 after acquiring an additional 476,811 shares during the period. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Cummins by 5,773.0% during the 3rd quarter. Voloridge Investment Management LLC now owns 401,069 shares of the company’s stock worth $90,064,000 after acquiring an additional 394,240 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.

Cummins Company Profile

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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