Equities research analysts forecast that Cummins Inc. (NYSE:CMI) will post $5.16 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Cummins’ earnings. The lowest sales estimate is $5.11 billion and the highest is $5.22 billion. Cummins posted sales of $4.50 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.7%. The firm is scheduled to report its next quarterly earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Cummins will report full year sales of $5.16 billion for the current financial year, with estimates ranging from $20.00 billion to $20.24 billion. For the next fiscal year, analysts forecast that the company will post sales of $21.40 billion per share, with estimates ranging from $20.75 billion to $21.86 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cummins.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period in the previous year, the business earned $2.02 EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis.
A number of brokerages have commented on CMI. Stifel Nicolaus reaffirmed a “hold” rating and set a $190.00 price target (up previously from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Piper Jaffray Companies set a $170.00 price target on Cummins and gave the stock a “hold” rating in a research report on Tuesday, October 31st. Buckingham Research lifted their price target on Cummins from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Robert W. Baird reaffirmed a “sell” rating and set a $155.00 price target on shares of Cummins in a research report on Wednesday, November 1st. Finally, Jefferies Group LLC lifted their price target on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. Cummins has a consensus rating of “Hold” and an average target price of $173.96.
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Cummins (NYSE:CMI) opened at $160.64 on Wednesday. Cummins has a one year low of $134.06 and a one year high of $181.79. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. The firm has a market capitalization of $26,521.61, a price-to-earnings ratio of 16.22, a P/E/G ratio of 1.29 and a beta of 1.16.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.69%. Cummins’s payout ratio is 43.86%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carroll Financial Associates Inc. raised its holdings in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares during the period. Northwest Investment Counselors LLC acquired a new position in Cummins in the 3rd quarter worth about $132,000. Captrust Financial Advisors acquired a new position in Cummins in the 2nd quarter worth about $137,000. Acrospire Investment Management LLC acquired a new position in Cummins in the 2nd quarter worth about $146,000. Finally, First Interstate Bank raised its holdings in Cummins by 2.7% in the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after purchasing an additional 25 shares during the period. 84.48% of the stock is owned by institutional investors.
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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