Brokerages Expect Cummins Inc. (CMI) Will Post Quarterly Sales of $5.92 Billion
Equities research analysts expect Cummins Inc. (NYSE:CMI) to report sales of $5.92 billion for the current quarter, according to Zacks. Seven analysts have issued estimates for Cummins’ earnings, with estimates ranging from $5.83 billion to $5.99 billion. Cummins reported sales of $5.29 billion during the same quarter last year, which would suggest a positive year over year growth rate of 11.9%. The company is expected to issue its next quarterly earnings report on Tuesday, October 30th.
According to Zacks, analysts expect that Cummins will report full-year sales of $23.79 billion for the current year, with estimates ranging from $23.72 billion to $23.98 billion. For the next fiscal year, analysts expect that the firm will post sales of $24.35 billion per share, with estimates ranging from $23.67 billion to $25.07 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Cummins.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.63 by ($0.31). The business had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The firm’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.53 earnings per share.
Cummins traded down $1.73, hitting $140.29, during mid-day trading on Tuesday, MarketBeat.com reports. 876,310 shares of the stock traded hands, compared to its average volume of 1,390,803. The company has a market capitalization of $23.40 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 0.82 and a beta of 1.11. Cummins has a 52 week low of $129.90 and a 52 week high of $194.18. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be paid a $1.14 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Tuesday, August 21st. Cummins’s dividend payout ratio is currently 40.68%.
In other Cummins news, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Tracy A. Embree sold 462 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $141.70, for a total transaction of $65,465.40. Following the completion of the transaction, the vice president now owns 4,122 shares in the company, valued at $584,087.40. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Sowell Financial Services LLC increased its stake in shares of Cummins by 16.8% in the first quarter. Sowell Financial Services LLC now owns 2,395 shares of the company’s stock worth $350,000 after acquiring an additional 344 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Cummins by 6.3% in the first quarter. Stratos Wealth Partners LTD. now owns 6,082 shares of the company’s stock worth $986,000 after acquiring an additional 359 shares during the period. South Street Advisors LLC increased its stake in shares of Cummins by 0.6% in the first quarter. South Street Advisors LLC now owns 59,366 shares of the company’s stock worth $9,622,000 after acquiring an additional 360 shares during the period. Blair William & Co. IL increased its stake in shares of Cummins by 3.0% in the first quarter. Blair William & Co. IL now owns 12,799 shares of the company’s stock worth $2,075,000 after acquiring an additional 375 shares during the period. Finally, Wedbush Securities Inc. increased its stake in shares of Cummins by 15.0% in the first quarter. Wedbush Securities Inc. now owns 2,956 shares of the company’s stock worth $479,000 after acquiring an additional 386 shares during the period. Institutional investors and hedge funds own 81.14% of the company’s stock.
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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