Cummins Inc. Forecasted to Earn Q3 2024 Earnings of $4.03 Per Share (NYSE:CMI)

Cummins Inc. (NYSE:CMIFree Report) – Equities researchers at William Blair issued their Q3 2024 earnings estimates for shares of Cummins in a report issued on Tuesday, February 6th. William Blair analyst L. De. Maria forecasts that the company will post earnings per share of $4.03 for the quarter. The consensus estimate for Cummins’ current full-year earnings is $19.31 per share. William Blair also issued estimates for Cummins’ FY2024 earnings at $18.00 EPS.

CMI has been the topic of a number of other reports. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 16th. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $255.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, January 18th. Finally, Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $261.67.

Check Out Our Latest Stock Report on CMI

Cummins Price Performance

NYSE CMI opened at $249.92 on Friday. The stock has a market capitalization of $35.42 billion, a P/E ratio of 48.25, a P/E/G ratio of 1.33 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 1.18. The business’s fifty day moving average is $238.47 and its two-hundred day moving average is $233.53. Cummins has a 1 year low of $203.18 and a 1 year high of $265.28.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CMI. Synovus Financial Corp boosted its position in shares of Cummins by 254.4% in the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after acquiring an additional 4,378 shares during the period. Cibc World Market Inc. raised its stake in shares of Cummins by 65.4% in the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. lifted its position in Cummins by 16.1% in the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock worth $19,282,000 after purchasing an additional 13,058 shares during the period. Prudential PLC bought a new stake in Cummins in the 1st quarter valued at $711,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Cummins by 43.0% during the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock worth $1,313,000 after acquiring an additional 1,925 shares during the period. Institutional investors own 81.81% of the company’s stock.

Cummins Company Profile

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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.

Further Reading

Earnings History and Estimates for Cummins (NYSE:CMI)

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