William Blair Comments on Cummins Inc.’s Q1 2024 Earnings (NYSE:CMI)

Cummins Inc. (NYSE:CMIFree Report) – Stock analysts at William Blair issued their Q1 2024 earnings per share estimates for Cummins in a research note issued to investors on Tuesday, February 6th. William Blair analyst L. De. Maria expects that the company will post earnings per share of $5.31 for the quarter. The consensus estimate for Cummins’ current full-year earnings is $19.22 per share. William Blair also issued estimates for Cummins’ Q2 2024 earnings at $4.74 EPS and Q4 2024 earnings at $3.92 EPS.

Cummins (NYSE:CMIGet Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the company earned $4.52 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis.

A number of other research firms also recently commented on CMI. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. TD Cowen raised their price target on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $255.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, January 18th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday. Finally, StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $261.67.

Read Our Latest Stock Analysis on Cummins

Cummins Stock Performance

NYSE:CMI opened at $248.06 on Thursday. The company has a market cap of $35.16 billion, a P/E ratio of 47.89, a P/E/G ratio of 1.36 and a beta of 1.02. The firm’s 50 day moving average is $237.95 and its two-hundred day moving average is $233.42. Cummins has a fifty-two week low of $203.18 and a fifty-two week high of $265.28. The company has a quick ratio of 0.90, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Hedge Funds Weigh In On Cummins

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC lifted its holdings in Cummins by 6.5% in the fourth quarter. Checchi Capital Advisers LLC now owns 2,721 shares of the company’s stock worth $652,000 after purchasing an additional 167 shares during the period. Ieq Capital LLC raised its position in shares of Cummins by 13.3% during the 4th quarter. Ieq Capital LLC now owns 5,647 shares of the company’s stock worth $1,353,000 after buying an additional 661 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after acquiring an additional 96,387 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Cummins by 1.7% in the fourth quarter. QRG Capital Management Inc. now owns 43,868 shares of the company’s stock valued at $10,509,000 after acquiring an additional 734 shares in the last quarter. Finally, Jump Financial LLC increased its stake in shares of Cummins by 37.3% during the fourth quarter. Jump Financial LLC now owns 4,591 shares of the company’s stock valued at $1,100,000 after acquiring an additional 1,248 shares during the period. 81.81% of the stock is owned by institutional investors.

About Cummins

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Earnings History and Estimates for Cummins (NYSE:CMI)

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