Cummins Inc. to Post FY2022 Earnings of $18.06 Per Share, Oppenheimer Forecasts (NYSE:CMI)

Cummins Inc. (NYSE:CMIGet Rating) – Investment analysts at Oppenheimer lifted their FY2022 earnings per share (EPS) estimates for shares of Cummins in a research report issued to clients and investors on Wednesday, May 4th. Oppenheimer analyst N. Kaye now expects that the company will post earnings per share of $18.06 for the year, up from their previous estimate of $17.38. Oppenheimer also issued estimates for Cummins’ FY2023 earnings at $20.09 EPS.

Cummins (NYSE:CMIGet Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.55 by $0.49. Cummins had a net margin of 8.00% and a return on equity of 23.19%. The business had revenue of $6.39 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the business posted $4.04 earnings per share. Cummins’s revenue was up 4.8% compared to the same quarter last year.

Several other brokerages also recently commented on CMI. Zacks Investment Research raised shares of Cummins from a “sell” rating to a “hold” rating and set a $204.00 target price for the company in a research note on Friday, April 15th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday, May 2nd. UBS Group downgraded shares of Cummins from a “buy” rating to a “neutral” rating and lowered their target price for the company from $260.00 to $214.00 in a research note on Friday, March 18th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Cummins from $256.00 to $233.00 and set a “hold” rating for the company in a research note on Thursday, April 14th. Finally, Credit Suisse Group lowered their target price on shares of Cummins from $304.00 to $270.00 in a research note on Wednesday, May 4th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Buy” and a consensus target price of $255.27.

Shares of NYSE:CMI opened at $201.72 on Monday. Cummins has a 52 week low of $187.72 and a 52 week high of $273.65. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.68. The company has a market capitalization of $28.66 billion, a PE ratio of 15.01, a PEG ratio of 1.31 and a beta of 1.03. The company has a 50 day moving average price of $200.72 and a two-hundred day moving average price of $216.30.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 3rd. Investors of record on Friday, February 18th were given a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Thursday, February 17th. Cummins’s dividend payout ratio (DPR) is currently 43.15%.

In other Cummins news, COO Jennifer Rumsey sold 420 shares of the stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $208.41, for a total value of $87,532.20. Following the completion of the sale, the chief operating officer now owns 2,052 shares in the company, valued at $427,657.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christopher C. Clulow sold 285 shares of the firm’s stock in a transaction dated Friday, February 25th. The stock was sold at an average price of $205.04, for a total transaction of $58,436.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,348 shares of company stock valued at $9,180,117. 1.00% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Cummins by 1.1% in the 4th quarter. State Street Corp now owns 6,751,839 shares of the company’s stock valued at $1,472,846,000 after buying an additional 74,697 shares during the period. Capital Research Global Investors increased its holdings in Cummins by 4.2% in the 3rd quarter. Capital Research Global Investors now owns 3,402,903 shares of the company’s stock valued at $764,156,000 after buying an additional 135,846 shares during the period. Geode Capital Management LLC increased its holdings in Cummins by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,823,165 shares of the company’s stock valued at $614,408,000 after buying an additional 100,129 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Cummins by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,197,012 shares of the company’s stock valued at $479,257,000 after buying an additional 67,205 shares during the period. Finally, Loomis Sayles & Co. L P increased its holdings in Cummins by 7.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,625,142 shares of the company’s stock valued at $354,508,000 after buying an additional 110,024 shares during the period. 80.50% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Company Profile (Get Rating)

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.

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Earnings History and Estimates for Cummins (NYSE:CMI)

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