Q1 2024 EPS Estimates for Cummins Inc. (NYSE:CMI) Raised by Zacks Research

Posted by Defense World Staff on Jul 13th, 2023

Cummins Inc. (NYSE:CMI – Free Report) – Equities research analysts at Zacks Research lifted their Q1 2024 EPS estimates for Cummins in a report released on Monday, July 10th. Zacks Research analyst R. Singhi now anticipates that the company will earn $4.94 per share for the quarter, up from their prior estimate of $4.89. The consensus estimate for Cummins’ current full-year earnings is $19.80 per share. Zacks Research also issued estimates for Cummins’ FY2024 earnings at $19.13 EPS, Q1 2025 earnings at $5.41 EPS and FY2025 earnings at $21.99 EPS.

Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Tuesday, May 2nd. The company reported $5.55 EPS for the quarter, topping the consensus estimate of $4.70 by $0.85. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.13 billion. Cummins had a net margin of 8.37% and a return on equity of 25.94%. Cummins’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same period last year, the firm earned $4.04 EPS.

Several other brokerages also recently commented on CMI. 888 restated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Cummins from $231.00 to $227.00 and set a “hold” rating on the stock in a report on Wednesday, April 12th. VNET Group reiterated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 3rd. Finally, StockNews.com assumed coverage on shares of Cummins in a research note on Thursday, May 18th. They set a “buy” rating for the company. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $250.00.

Cummins Price Performance

CMI stock opened at $257.13 on Wednesday. The firm has a 50-day moving average of $227.94 and a 200 day moving average of $236.39. Cummins has a 1 year low of $191.60 and a 1 year high of $261.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.29 and a quick ratio of 0.80. The company has a market cap of $36.40 billion, a P/E ratio of 14.49, a PEG ratio of 1.36 and a beta of 1.05.

Cummins Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 25th will be given a $0.0168 dividend. This represents a $0.07 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, August 24th. Cummins’s dividend payout ratio is currently 35.40%.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently bought and sold shares of the business. State of New Jersey Common Pension Fund D lifted its position in shares of Cummins by 0.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 80,716 shares of the company’s stock valued at $19,557,000 after buying an additional 531 shares during the last quarter. Verdence Capital Advisors LLC lifted its holdings in Cummins by 0.9% during the 4th quarter. Verdence Capital Advisors LLC now owns 7,543 shares of the company’s stock worth $1,828,000 after purchasing an additional 67 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Cummins by 5.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 329,159 shares of the company’s stock worth $79,752,000 after purchasing an additional 15,735 shares during the last quarter. Merit Financial Group LLC acquired a new stake in Cummins during the 4th quarter worth approximately $419,000. Finally, Dfpg Investments LLC increased its stake in Cummins by 162.2% during the 1st quarter. Dfpg Investments LLC now owns 5,089 shares of the company’s stock worth $1,216,000 after acquiring an additional 3,148 shares during the period. Institutional investors and hedge funds own 82.72% of the company’s stock.

About Cummins

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.