Cummins Inc. (NYSE:CMI) – Stock analysts at Jefferies Financial Group raised their Q3 2020 earnings estimates for shares of Cummins in a note issued to investors on Tuesday, July 28th. Jefferies Financial Group analyst S. Volkmann now anticipates that the company will post earnings per share of $2.25 for the quarter, up from their previous forecast of $1.35. Jefferies Financial Group also issued estimates for Cummins’ Q4 2020 earnings at $2.09 EPS, FY2020 earnings at $9.49 EPS, FY2021 earnings at $12.50 EPS and FY2022 earnings at $14.50 EPS.
Several other analysts also recently commented on CMI. Bank of America increased their target price on Cummins from $185.00 to $216.00 and gave the company a “neutral” rating in a research note on Wednesday. BMO Capital Markets raised their price target on Cummins from $130.00 to $150.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Citigroup raised their price target on Cummins from $182.00 to $192.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Morgan Stanley raised their price target on Cummins from $152.00 to $192.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, TheStreet upgraded Cummins from a “c+” rating to a “b” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $185.71.
Shares of CMI opened at $193.26 on Friday. The business’s fifty day simple moving average is $176.98 and its two-hundred day simple moving average is $160.75. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. Cummins has a 12 month low of $101.03 and a 12 month high of $204.98. The company has a market cap of $28.51 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 3.41 and a beta of 1.14.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.93. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same quarter in the prior year, the company earned $4.27 EPS. The business’s revenue was down 38.1% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a dividend of $1.311 per share. The ex-dividend date is Thursday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 2.71%. Cummins’s dividend payout ratio is presently 34.82%.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Cummins by 1.9% during the first quarter. BlackRock Inc. now owns 12,591,114 shares of the company’s stock valued at $1,703,832,000 after acquiring an additional 235,559 shares during the period. State Street Corp raised its holdings in Cummins by 1.4% during the first quarter. State Street Corp now owns 7,194,290 shares of the company’s stock valued at $973,531,000 after acquiring an additional 98,214 shares during the period. Geode Capital Management LLC raised its holdings in Cummins by 3.2% during the first quarter. Geode Capital Management LLC now owns 2,862,227 shares of the company’s stock valued at $386,903,000 after acquiring an additional 89,948 shares during the period. First Eagle Investment Management LLC increased its holdings in shares of Cummins by 17.6% in the first quarter. First Eagle Investment Management LLC now owns 2,201,444 shares of the company’s stock worth $297,899,000 after purchasing an additional 329,228 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Cummins by 0.6% in the first quarter. Invesco Ltd. now owns 1,918,477 shares of the company’s stock worth $259,608,000 after purchasing an additional 11,801 shares during the last quarter. 80.86% of the stock is currently owned by institutional investors and hedge funds.
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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