$5.85 Billion in Sales Expected for Cummins Inc. (NYSE:CMI) This Quarter

Wall Street brokerages expect Cummins Inc. (NYSE:CMI) to post sales of $5.85 billion for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Cummins’ earnings, with the lowest sales estimate coming in at $5.79 billion and the highest estimate coming in at $5.99 billion. Cummins reported sales of $5.94 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 1.5%. The company is expected to announce its next quarterly earnings report on Tuesday, October 29th.

On average, analysts expect that Cummins will report full-year sales of $23.97 billion for the current financial year, with estimates ranging from $23.80 billion to $24.21 billion. For the next financial year, analysts anticipate that the company will post sales of $22.79 billion, with estimates ranging from $21.90 billion to $24.35 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Cummins.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). The firm had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. Cummins’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.14 EPS.

Several equities research analysts recently issued reports on CMI shares. Evercore ISI reiterated an “in-line” rating and issued a $169.00 price objective (up previously from $163.00) on shares of Cummins in a report on Friday, May 31st. UBS Group boosted their price objective on Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and cut their price objective for the company from $168.00 to $145.00 in a report on Tuesday, July 2nd. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Stifel Nicolaus boosted their price objective on Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Cummins has a consensus rating of “Hold” and a consensus price target of $166.67.

Shares of CMI stock traded up $1.54 on Friday, hitting $146.03. The stock had a trading volume of 1,480,022 shares, compared to its average volume of 1,268,379. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The firm has a market capitalization of $22.77 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 1.17 and a beta of 1.14. Cummins has a 1 year low of $124.40 and a 1 year high of $175.91. The firm has a 50 day moving average of $165.70.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be given a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Tuesday, August 20th. Cummins’s dividend payout ratio is currently 34.47%.

Several large investors have recently added to or reduced their stakes in the company. MidWestOne Financial Group Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $346,000. Integrated Wealth Concepts LLC acquired a new position in shares of Cummins during the 2nd quarter worth about $221,000. Voloridge Investment Management LLC acquired a new position in shares of Cummins during the 2nd quarter worth about $3,780,000. Voleon Capital Management LP acquired a new position in shares of Cummins during the 2nd quarter worth about $3,598,000. Finally, Waddell & Reed Financial Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $475,000. 81.51% of the stock is owned by institutional investors and hedge funds.

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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