Cummins Inc. (NYSE:CMI) Expected to Announce Quarterly Sales of $5.80 Billion

Wall Street analysts expect Cummins Inc. (NYSE:CMI) to report $5.80 billion in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Cummins’ earnings, with the lowest sales estimate coming in at $5.64 billion and the highest estimate coming in at $6.08 billion. Cummins posted sales of $5.83 billion in the same quarter last year, which would indicate a negative year over year growth rate of 0.5%. The business is scheduled to report its next quarterly 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 financial year, analysts anticipate that the business will report sales of $26.01 billion, with estimates ranging from $25.31 billion to $26.69 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Cummins.

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

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

Shares of CMI traded down $1.98 during trading hours 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’s fifty day simple moving average is $233.40 and its 200 day simple moving average is $239.56. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.17 and a current ratio of 1.80. Cummins has a 12-month low of $216.41 and a 12-month high of $277.09. The firm has a market cap of $32.31 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.31 and a beta of 1.06.

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

In other Cummins news, VP Walter J. Fier sold 7,360 shares of the stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $235.70, for a total value of $1,734,752.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Tony Satterthwaite sold 9,190 shares of the stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $226.72, for a total value of $2,083,556.80. The disclosure for this sale can be found here. Insiders sold 17,550 shares of company stock valued at $4,052,119 over the last quarter. Insiders own 1.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Trustcore Financial Services LLC increased its position in Cummins by 500.0% in the third quarter. Trustcore Financial Services LLC now owns 120 shares of the company’s stock worth $27,000 after buying an additional 100 shares during the period. CKW Financial Group acquired a new position in shares of Cummins during the second quarter valued at $32,000. KB Financial Partners LLC increased its holdings in shares of Cummins by 47.8% during the second quarter. KB Financial Partners LLC now owns 136 shares of the company’s stock valued at $33,000 after purchasing an additional 44 shares during the period. Canton Hathaway LLC acquired a new position in shares of Cummins during the third quarter valued at $37,000. Finally, Kempen Capital Management N.V. increased its holdings in shares of Cummins by 41.3% during the second quarter. Kempen Capital Management N.V. now owns 154 shares of the company’s stock valued at $38,000 after purchasing an additional 45 shares during the period. 80.39% of the stock is currently 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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