Cummins (NYSE:CMI – Get Free Report) issued its earnings results on Tuesday. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97, Briefing.com reports. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company earned $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Cummins updated its FY 2024 guidance to EPS.
Cummins Stock Performance
CMI traded up $0.35 during midday trading on Wednesday, reaching $354.81. The company had a trading volume of 479,857 shares, compared to its average volume of 1,505,136. The business has a 50-day moving average of $320.21 and a two-hundred day moving average of $297.86. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins has a 1 year low of $214.57 and a 1 year high of $370.21. The company has a market cap of $48.63 billion, a P/E ratio of 25.58, a P/E/G ratio of 1.88 and a beta of 0.97.
Cummins Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.05%. Cummins’s dividend payout ratio (DPR) is presently 52.49%.
Insider Activity
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. Truist Financial upped their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday. Evercore ISI raised their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $324.83.
View 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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