Cummins (NYSE:CMI – Get Free Report) announced its earnings results on Thursday. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41, Briefing.com reports. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $5.18 earnings per share. Cummins updated its FY 2024 guidance to EPS.
Cummins Trading Down 5.1 %
CMI traded down $15.73 during midday trading on Friday, hitting $290.36. 1,186,131 shares of the company were exchanged, compared to its average volume of 842,567. The firm has a market capitalization of $39.72 billion, a P/E ratio of 21.26, a P/E/G ratio of 1.93 and a beta of 0.99. Cummins has a 1-year low of $212.80 and a 1-year high of $322.83. The firm’s 50 day moving average price is $280.08 and its 200-day moving average price is $276.66. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.51%. Cummins’s dividend payout ratio (DPR) is 49.19%.
Insiders Place Their Bets
Analyst Upgrades and Downgrades
A number of equities analysts have commented on CMI shares. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Truist Financial lowered their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Finally, Robert W. Baird raised their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $289.91.
View Our Latest Stock Analysis on CMI
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.
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