Analysts Set Expectations for Cummins Inc.’s FY2019 Earnings (NYSE:CMI)

Cummins Inc. (NYSE:CMI) – Equities researchers at Oppenheimer cut their FY2019 earnings per share (EPS) estimates for shares of Cummins in a research note issued to investors on Wednesday, July 31st. Oppenheimer analyst N. Kaye now forecasts that the company will post earnings of $16.14 per share for the year, down from their previous forecast of $16.76. Oppenheimer also issued estimates for Cummins’ FY2020 earnings at $14.55 EPS.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The business had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.36 billion. During the same period last year, the firm earned $4.14 EPS. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year.

Several other research analysts have also commented on the company. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Loop Capital lowered Cummins from a “hold” rating to a “sell” rating and reduced their price target for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Citigroup upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $155.00 to $190.00 in a report on Tuesday, April 16th. Morgan Stanley reduced their price target on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Finally, Evercore ISI reiterated an “in-line” rating and set a $169.00 price target (up previously from $163.00) on shares of Cummins in a report on Friday, May 31st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average price target of $166.67.

NYSE CMI opened at $154.40 on Monday. Cummins has a 52 week low of $124.40 and a 52 week high of $175.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.04 and a current ratio of 1.66. The business’s fifty day moving average is $168.80. The stock has a market cap of $24.30 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 1.25 and a beta of 1.14.

A number of institutional investors and hedge funds have recently modified their holdings of CMI. Ronna Sue Cohen raised its holdings in Cummins by 16,590.4% in the 1st quarter. Ronna Sue Cohen now owns 2,152,730 shares of the company’s stock valued at $2,153,000 after buying an additional 2,139,832 shares during the period. American Century Companies Inc. raised its holdings in Cummins by 41.7% in the 1st quarter. American Century Companies Inc. now owns 3,555,700 shares of the company’s stock valued at $561,338,000 after buying an additional 1,046,677 shares during the period. Miller Howard Investments Inc. NY raised its holdings in Cummins by 2,124.6% in the 1st quarter. Miller Howard Investments Inc. NY now owns 485,381 shares of the company’s stock valued at $76,627,000 after buying an additional 463,562 shares during the period. First Trust Advisors LP raised its holdings in Cummins by 165.9% in the 1st quarter. First Trust Advisors LP now owns 614,285 shares of the company’s stock valued at $96,977,000 after buying an additional 383,230 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Cummins by 37.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,289,666 shares of the company’s stock valued at $172,338,000 after buying an additional 350,979 shares during the period. Hedge funds and other institutional investors own 81.03% of the company’s stock.

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 issued a $1.311 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Tuesday, August 20th. Cummins’s payout ratio is 34.47%.

Cummins Company Profile

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 and Estimates for Cummins (NYSE:CMI)

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