Cummins Inc. (NYSE:CMI) Forecasted to Earn Q3 2024 Earnings of $4.58 Per Share

Cummins Inc. (NYSE:CMI) – Stock analysts at Zacks Research raised their Q3 2024 earnings estimates for shares of Cummins in a research report issued to clients and investors on Wednesday, August 14th. Zacks Research analyst R. Singhi now forecasts that the company will post earnings of $4.58 per share for the quarter, up from their prior estimate of $4.44. The consensus estimate for Cummins’ current full-year earnings is $18.61 per share. Zacks Research also issued estimates for Cummins’ FY2024 earnings at $19.69 EPS, Q1 2025 earnings at $5.23 EPS and Q1 2026 earnings at $5.69 EPS.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during 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%. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.18 earnings per share.

CMI has been the topic of several other research reports. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. TD Cowen lifted their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $295.00.

Cummins Stock Performance

NYSE:CMI opened at $301.65 on Friday. The company has a market cap of $41.26 billion, a price-to-earnings ratio of 22.08, a PEG 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 stock’s 50 day simple moving average is $283.32 and its two-hundred day simple moving average is $280.63. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

Insider Transactions at Cummins

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of institutional investors have recently bought and sold shares of the company. First United Bank & Trust acquired a new stake in Cummins in the 4th quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new stake in Cummins during the fourth quarter worth about $26,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the second quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $28,000. Finally, Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter worth approximately $29,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

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.