Cummins (CMI) to Release Quarterly Earnings on Thursday

Cummins (NYSE:CMI) is scheduled to announce its earnings results before the market opens on Thursday, May 2nd. Analysts expect the company to announce earnings of $5.13 per share for the quarter. Cummins has set its FY 2024 guidance at EPS.Parties that wish to listen to the company’s conference call can do so using this link.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.52 earnings per share. On average, analysts expect Cummins to post $18 EPS for the current fiscal year and $21 EPS for the next fiscal year.

Cummins Trading Down 0.1 %

NYSE CMI opened at $292.42 on Thursday. The company’s 50-day moving average price is $282.33 and its 200-day moving average price is $249.89. 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 stock has a market cap of $39.99 billion, a PE ratio of 56.45, a PEG ratio of 1.97 and a beta of 1.04. Cummins has a 12 month low of $203.18 and a 12 month high of $304.24.

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 issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.30%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Truist Financial assumed coverage on shares of Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. Citigroup increased their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $279.70.

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

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.