Zacks Research Brokers Raise Earnings Estimates for Cummins Inc. (NYSE:CMI)

Cummins Inc. (NYSE:CMI) – Research analysts at Zacks Research boosted their Q2 2024 earnings estimates for Cummins in a note issued to investors on Thursday, March 28th. Zacks Research analyst R. Singhi now forecasts that the company will post earnings of $4.75 per share for the quarter, up from their prior estimate of $4.74. The consensus estimate for Cummins’ current full-year earnings is $18.36 per share. Zacks Research also issued estimates for Cummins’ Q3 2024 earnings at $4.42 EPS.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the business earned $4.52 earnings per share.

CMI has been the subject of several other research reports. Truist Financial began coverage on Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $271.64.

Cummins Stock Down 0.0 %

Cummins stock opened at $294.61 on Friday. The business has a fifty day moving average price of $261.54 and a 200-day moving average price of $240.87. Cummins has a 1-year low of $203.18 and a 1-year high of $297.11. The stock has a market capitalization of $41.79 billion, a price-to-earnings ratio of 56.87, a PEG ratio of 2.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Activity

In other news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. 1.12% of the stock is currently owned by company insiders.

Institutional Trading of Cummins

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. BlackRock Inc. increased its stake in shares of Cummins by 1.5% during the second quarter. BlackRock Inc. now owns 12,398,646 shares of the company’s stock worth $3,039,652,000 after purchasing an additional 180,643 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Cummins by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after purchasing an additional 246,025 shares in the last quarter. State Street Corp increased its stake in shares of Cummins by 3.0% during the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after purchasing an additional 191,776 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.