Brokerages Expect Cummins Inc. (NYSE:CMI) Will Post Quarterly Sales of $6.07 Billion

Wall Street brokerages expect that Cummins Inc. (NYSE:CMI) will report $6.07 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Cummins’ earnings. The highest sales estimate is $6.22 billion and the lowest is $5.78 billion. Cummins posted sales of $5.12 billion during the same quarter last year, which suggests a positive year over year growth rate of 18.6%. The company is expected to report its next earnings results before the market opens on Tuesday, November 2nd.

According to Zacks, analysts expect that Cummins will report full-year sales of $24.50 billion for the current fiscal year, with estimates ranging from $24.23 billion to $24.76 billion. For the next year, analysts anticipate that the company will report sales of $26.30 billion, with estimates ranging from $25.72 billion to $26.63 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Cummins.

Cummins (NYSE:CMI) last released its earnings results on Monday, August 2nd. The company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.06 by $0.04. Cummins had a return on equity of 25.26% and a net margin of 9.52%. The firm had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the firm posted $1.86 earnings per share. The company’s quarterly revenue was up 58.4% on a year-over-year basis.

Several brokerages recently issued reports on CMI. Morgan Stanley decreased their target price on Cummins from $264.00 to $252.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Evercore ISI dropped their target price on Cummins from $315.00 to $299.00 and set an “outperform” rating for the company in a report on Thursday. Credit Suisse Group boosted their price objective on Cummins from $300.00 to $307.00 and gave the company an “outperform” rating in a report on Wednesday, August 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on Cummins from $262.00 to $255.00 and set a “hold” rating for the company in a report on Wednesday, July 14th. Finally, Citigroup lifted their target price on Cummins from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Buy” and a consensus price target of $279.31.

A number of institutional investors and hedge funds have recently modified their holdings of CMI. CKW Financial Group acquired a new position in Cummins in the 2nd quarter valued at $32,000. KB Financial Partners LLC boosted its position in Cummins by 47.8% during the 2nd quarter. KB Financial Partners LLC now owns 136 shares of the company’s stock worth $33,000 after purchasing an additional 44 shares during the period. Kempen Capital Management N.V. boosted its position in Cummins by 41.3% during the 2nd quarter. Kempen Capital Management N.V. now owns 154 shares of the company’s stock worth $38,000 after purchasing an additional 45 shares during the period. Liberty Wealth Management LLC boosted its position in Cummins by 22,473.8% in the 2nd quarter. Liberty Wealth Management LLC now owns 9,481 shares of the company’s stock valued at $39,000 after buying an additional 9,439 shares during the last quarter. Finally, Barrett Asset Management LLC purchased a new position in Cummins in the 2nd quarter valued at about $49,000. Institutional investors own 80.40% of the company’s stock.

NYSE:CMI traded up $4.63 on Monday, hitting $236.17. The stock had a trading volume of 17,663 shares, compared to its average volume of 1,050,243. The business’s 50-day simple moving average is $232.79 and its two-hundred day simple moving average is $244.58. The company has a quick ratio of 1.19, a current ratio of 1.81 and a debt-to-equity ratio of 0.41. Cummins has a 52-week low of $212.80 and a 52-week high of $277.09. The stock has a market cap of $33.92 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 1.27 and a beta of 1.05.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 2nd. Investors of record on Friday, November 19th will be given a dividend of $1.45 per share. The ex-dividend date is Thursday, November 18th. This represents a $5.80 annualized dividend and a dividend yield of 2.46%. Cummins’s dividend payout ratio is currently 47.62%.

About Cummins

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.

Featured Article: Strangles

Get a free copy of the Zacks research report on Cummins (CMI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.