Cummins Inc. (NYSE:CMI) – Oppenheimer dropped their FY2018 earnings estimates for shares of Cummins in a report released on Wednesday, August 1st. Oppenheimer analyst N. Kaye now expects that the company will post earnings of $14.10 per share for the year, down from their previous estimate of $14.54. Oppenheimer currently has a “Outperform” rating and a $192.00 price target on the stock.
Get Cummins alerts:CMI has been the subject of several other research reports. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $176.00 to $164.00 and set a “neutral” rating for the company in a research report on Tuesday, April 10th. Citigroup reduced their price target on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, June 25th. UBS Group lowered shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 price target for the company. in a research report on Tuesday, May 1st. Finally, Wells Fargo & Co lowered shares of Cummins from an “outperform” rating to a “market perform” rating and set a $190.00 price target for the company. in a research report on Tuesday, May 1st. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $166.52.
Shares of Cummins traded down $0.22, hitting $139.50, during midday trading on Thursday, according to MarketBeat.com. 8,209 shares of the company’s stock traded hands, compared to its average volume of 1,415,738. Cummins has a 1 year low of $129.90 and a 1 year high of $194.18. The firm has a market capitalization of $23.53 billion, a P/E ratio of 13.02, a PEG ratio of 0.91 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 1.61 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.63 by ($0.31). Cummins had a net margin of 4.67% and a return on equity of 26.30%. The business had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the previous year, the company earned $2.53 EPS. Cummins’s revenue for the quarter was up 20.8% compared to the same quarter last year.
The firm also recently declared 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 represents a $4.56 annualized dividend and a yield of 3.27%. This is an increase from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date is Tuesday, August 21st. Cummins’s dividend payout ratio is presently 40.68%.
A number of hedge funds have recently bought and sold shares of CMI. BlackRock Inc. boosted its stake in Cummins by 4.0% in the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock worth $1,967,548,000 after purchasing an additional 463,368 shares during the period. Millennium Management LLC increased its stake in Cummins by 92.7% in the first quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock worth $119,400,000 after purchasing an additional 354,266 shares during the period. Wells Fargo & Company MN increased its stake in Cummins by 19.4% in the first quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock worth $319,699,000 after purchasing an additional 320,872 shares during the period. Mackay Shields LLC purchased a new stake in Cummins in the first quarter worth $48,754,000. Finally, Federated Investors Inc. PA increased its stake in Cummins by 1,486.5% in the first quarter. Federated Investors Inc. PA now owns 235,711 shares of the company’s stock worth $38,207,000 after purchasing an additional 220,854 shares during the period. Institutional investors and hedge funds own 81.34% of the company’s stock.
About Cummins
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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James Investment Research Inc. lifted its holdings in American Equity Investment Life Holding (NYSE:AEL) by 3.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 129,688 shares of the financial services provider’s stock after purchasing an additional 4,521 shares during the period. James Investment Research Inc.’s holdings in American Equity Investment Life were worth $4,669,000 at the end of the most recent reporting period.