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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