Cummins (CMI) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $1.87 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $1.78. The company posted revenue of $4291.00 million in the period, compared to analysts expectations of $4305.79 million. The company’s revenue was down -8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.04 EPS.
Many Wall Street Analysts have commented on Cummins. Company shares were Downgraded by Robert W. Baird on Apr 21, 2016 to ” Underperform”, Firm has raised the Price Target to $ 110 from a previous price target of $96 .Cummins was Upgraded by BofA/Merrill to ” Neutral” on Apr 18, 2016. Company shares were Reiterated by Barclays on Apr 13, 2016 to “Underweight”, Firm has raised the Price Target to $ 90 from a previous price target of $88 .
Cummins closed down -0.5 points or -0.43% at $116.53 with 25,19,242 shares getting traded on Monday. Post opening the session at $117.39, the shares hit an intraday low of $115.66 and an intraday high of $117.88 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Apr 19, 2016, Pat Ward (VP – Chief Financial Officer) sold 5,000 shares at $116.37 per share price. According to the SEC, on Feb 12, 2016, Marsha L Hunt (VP-Corp. Controller) sold 300 shares at $95.36 per share price. On Feb 9, 2016, Anant Talaulicar (VP & President – Components) sold 3,027 shares at $142.02 per share price, according to the Form-4 filing with the securities and exchange commission.
Cummins Inc. is a global diesel engine manufacturer. The Company designs manufactures distributes and services diesel and natural gas engines and engine-related component products including filtration after treatment turbochargers fuel systems controls systems air handling systems and electric power generation systems. It has four operating segments: Engine Distribution Components and Power Generation. The Company sells its products to original equipment manufacturers (OEMs) distributors and other customers. It serves its customers through a network of around 600 Company-owned and independent distributor locations and around 7200 dealer locations in more than 190 countries. In addition engines and engine components are manufactured by the Company’s joint ventures or independent licensees at its manufacturing plants in the United States China India South Korea Mexico and Sweden. Its subsidiaries include Cummins India Ltd. and Wuxi Cummins Turbo Technologies Co. Ltd.