Cummins Inc. Expected to Earn FY2021 Earnings of $16.17 Per Share (CMI)

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Cummins Inc. (NYSE:CMI) – Equities researchers at Piper Jaffray Companies increased their FY2021 earnings per share (EPS) estimates for Cummins in a research report issued on Friday, April 12th. Piper Jaffray Companies analyst A. Potter now anticipates that the company will post earnings per share of $16.17 for the year, up from their prior forecast of $16.11. Piper Jaffray Companies currently has a “Buy” rating and a $195.00 target price on the stock. Piper Jaffray Companies also issued estimates for Cummins’ FY2022 earnings at $17.16 EPS.

Cummins (NYSE:CMI) last posted its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.81 by ($0.33). Cummins had a net margin of 9.01% and a return on equity of 29.71%. The firm had revenue of $6.13 billion during the quarter, compared to analyst estimates of $6.08 billion. During the same quarter in the prior year, the firm earned $3.03 earnings per share. The business’s revenue for the quarter was up 11.9% on a year-over-year basis.

A number of other research firms have also recently weighed in on CMI. Oppenheimer restated a “market perform” rating and set a $164.00 price objective on shares of Cummins in a research report on Thursday, February 7th. CIBC restated a “market perform” rating on shares of Cummins in a research report on Thursday, February 7th. Credit Suisse Group restated a “buy” rating and set a $168.00 price objective on shares of Cummins in a research report on Tuesday, January 22nd. Zacks Investment Research cut shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Finally, Mizuho set a $155.00 price objective on shares of Cummins and gave the stock a “hold” rating in a research report on Saturday, February 9th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $162.24.

CMI opened at $164.97 on Monday. The company has a quick ratio of 0.95, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. Cummins has a 1 year low of $124.40 and a 1 year high of $172.08. The firm has a market capitalization of $26.15 billion, a P/E ratio of 12.47, a PEG ratio of 1.14 and a beta of 1.09.

In other news, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $160.00, for a total transaction of $269,920.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Tracy A. Embree sold 206 shares of the company’s stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $150.00, for a total transaction of $30,900.00. Following the sale, the vice president now directly owns 4,221 shares of the company’s stock, valued at approximately $633,150. The disclosure for this sale can be found here. Insiders have sold 6,816 shares of company stock valued at $1,039,321 in the last ninety days. Insiders own 0.67% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CMI. Bank of New York Mellon Corp grew its holdings in shares of Cummins by 30.3% in the third quarter. Bank of New York Mellon Corp now owns 1,644,399 shares of the company’s stock valued at $240,197,000 after purchasing an additional 382,426 shares during the period. Martingale Asset Management L P grew its holdings in shares of Cummins by 11.2% in the third quarter. Martingale Asset Management L P now owns 30,761 shares of the company’s stock valued at $4,494,000 after purchasing an additional 3,101 shares during the period. LPL Financial LLC grew its holdings in shares of Cummins by 14.2% in the third quarter. LPL Financial LLC now owns 63,642 shares of the company’s stock valued at $9,296,000 after purchasing an additional 7,917 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Cummins by 11.6% in the third quarter. Pacer Advisors Inc. now owns 14,951 shares of the company’s stock valued at $2,184,000 after purchasing an additional 1,556 shares during the period. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Cummins in the third quarter valued at about $483,000. 82.11% of the stock is owned by institutional investors and hedge funds.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

Further Reading: What are different types of coverage ratios?

Earnings History and Estimates for Cummins (NYSE:CMI)

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