Cummins (NYSE:CMI – Get Free Report) announced its earnings results on Tuesday. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97, Briefing.com reports. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. During the same period last year, the business posted $4.73 EPS. The company’s revenue was up .3% on a year-over-year basis. Cummins updated its FY 2024 guidance to EPS.
Cummins Price Performance
CMI traded up $0.23 during midday trading on Wednesday, reaching $354.69. 739,649 shares of the company’s stock were exchanged, compared to its average volume of 1,506,283. Cummins has a 1-year low of $214.57 and a 1-year high of $370.21. The stock has a market capitalization of $48.61 billion, a PE ratio of 25.58, a P/E/G ratio of 1.88 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The business’s 50-day moving average price is $320.21 and its 200 day moving average price is $297.86.
Cummins Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. Cummins’s payout ratio is 52.49%.
Insider Activity
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on CMI. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $324.83.
Get Our Latest Research Report on CMI
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.
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