Cummins Inc. (CMI) to Post Q4 2017 Earnings of $2.53 Per Share, William Blair Forecasts
Cummins Inc. (NYSE:CMI) – Equities researchers at William Blair raised their Q4 2017 EPS estimates for shares of Cummins in a research report issued to clients and investors on Wednesday. William Blair analyst L. De. Maria now anticipates that the company will post earnings of $2.53 per share for the quarter, up from their previous estimate of $2.22.
Several other equities analysts also recently commented on the stock. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. Piper Jaffray Companies downgraded shares of Cummins from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $160.00 to $144.00 in a research note on Tuesday, April 18th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus reaffirmed a “hold” rating and set a $150.00 price objective on shares of Cummins in a research note on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 price objective for the company in a research note on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $154.33.
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Shares of Cummins (NYSE CMI) traded down 0.05% during mid-day trading on Monday, reaching $159.74. The company’s stock had a trading volume of 397,118 shares. The firm has a market cap of $26.68 billion, a price-to-earnings ratio of 18.06 and a beta of 1.09. Cummins has a 12 month low of $116.03 and a 12 month high of $170.68. The company’s 50-day moving average is $163.10 and its 200 day moving average is $154.60.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the business posted $2.40 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis.
Large investors have recently made changes to their positions in the company. Pinnacle Bank acquired a new stake in shares of Cummins during the first quarter worth $105,000. World Asset Management Inc boosted its stake in shares of Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock worth $2,525,000 after buying an additional 1,528 shares during the period. Private Trust Co. NA acquired a new stake in shares of Cummins during the first quarter worth $250,000. Alambic Investment Management L.P. boosted its stake in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after buying an additional 62,046 shares during the period. Institutional investors and hedge funds own 80.34% of the company’s stock.
In other Cummins news, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the sale, the director now owns 16,512 shares in the company, valued at $2,577,523.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Anant Talaulicar sold 1,650 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the sale, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,336 shares of company stock worth $9,793,667. Corporate insiders own 0.62% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is 46.28%.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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