Cummins (CMI) to Release Quarterly Earnings on Thursday

Cummins (NYSE:CMI) is scheduled to be announcing 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 interested in listening to the company’s conference call can do so using this link.

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

Cummins Price Performance

Cummins stock opened at $293.65 on Tuesday. The firm has a market capitalization of $40.16 billion, a PE ratio of 56.69, a P/E/G ratio of 1.98 and a beta of 1.04. Cummins has a 52 week low of $203.18 and a 52 week high of $304.24. The firm’s 50-day simple moving average is $283.88 and its 200 day simple moving average is $251.38. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Analyst Ratings Changes

Several brokerages recently issued reports on CMI. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Morgan Stanley initiated coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. TD Cowen boosted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Finally, UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $279.70.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel William Fisher acquired 562 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.