Brokers Issue Forecasts for Cummins Inc.’s Q2 2024 Earnings (NYSE:CMI)
Cummins Inc. (NYSE:CMI – Free Report) – Investment analysts at Zacks Research upped their Q2 2024 EPS estimates for Cummins in a research report issued to clients and investors on Thursday, March 28th. Zacks Research analyst R. Singhi now anticipates that the company will earn $4.75 per share for the quarter, up from their previous estimate of $4.74. The consensus estimate for Cummins’ current full-year earnings is $18.36 per share. Zacks Research also issued estimates for Cummins’ Q3 2024 earnings at $4.42 EPS.
Cummins (NYSE:CMI – Get Free Report) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted $4.52 earnings per share.
Several other equities analysts also recently commented on the stock. Evercore ISI upped their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. TD Cowen boosted their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $271.64.
Check Out Our Latest Stock Report on CMI
Cummins Stock Performance
Shares of NYSE CMI opened at $294.65 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $41.80 billion, a P/E ratio of 56.88, a P/E/G ratio of 2.00 and a beta of 1.03. Cummins has a 12 month low of $203.18 and a 12 month high of $297.11. The stock has a 50 day moving average of $262.77 and a 200-day moving average of $241.24.
Hedge Funds Weigh In On Cummins
Hedge funds have recently modified their holdings of the business. First United Bank & Trust bought a new position in Cummins during the 4th quarter worth $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins in the fourth quarter worth approximately $26,000. OFI Invest Asset Management bought a new stake in Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated acquired a new stake in Cummins during the 3rd quarter valued at approximately $28,000. Finally, Tyler Stone Wealth Management bought a new position in Cummins during the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds own 83.46% of the company’s stock.
Insiders Place Their Bets
In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,289 shares of company stock valued at $13,576,838. 1.12% of the stock is currently owned by corporate insiders.
Cummins Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.
About Cummins
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.
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