Cummins (NYSE:CMI) Announces Quarterly Earnings Results

Cummins (NYSE:CMI) posted its earnings results on Tuesday. The company reported $4.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11), Briefing.com reports. The firm had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.87%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the company posted $4.14 EPS. Cummins updated its FY 2019 guidance to EPS.

Shares of CMI traded down $2.42 during trading hours on Friday, reaching $157.31. 502,050 shares of the company traded hands, compared to its average volume of 1,037,076. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 0.96. The company has a market cap of $26.01 billion, a PE ratio of 11.89, a PEG ratio of 1.27 and a beta of 1.17. Cummins has a fifty-two week low of $124.40 and a fifty-two week high of $175.91. The company’s fifty day moving average price is $169.52.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be paid a dividend of $1.311 per share. The ex-dividend date is Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.33%. This is a positive change from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio (DPR) is presently 34.47%.

Several institutional investors and hedge funds have recently bought and sold shares of CMI. Comerica Securities Inc. boosted its stake in shares of Cummins by 6.4% during the fourth quarter. Comerica Securities Inc. now owns 10,386 shares of the company’s stock valued at $1,388,000 after acquiring an additional 622 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Cummins by 37.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,289,666 shares of the company’s stock worth $172,338,000 after buying an additional 350,979 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cummins by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock worth $333,085,000 after buying an additional 97,017 shares during the last quarter. Actinver Wealth Management Inc. acquired a new stake in Cummins in the 4th quarter worth about $212,000. Finally, Norges Bank acquired a new stake in Cummins in the 4th quarter worth about $232,262,000. 80.99% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on the company. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Evercore ISI reissued an “in-line” rating and issued a $169.00 target price (up previously from $163.00) on shares of Cummins in a report on Friday, May 31st. UBS Group upped their target price on Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Wells Fargo & Co lowered their target price on Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a report on Monday, June 3rd. Finally, Morgan Stanley lowered their target price on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $166.67.

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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Earnings History for Cummins (NYSE:CMI)

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