Mengis Capital Management Inc. Raises Position in Cummins Inc. $CMI

Mengis Capital Management Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 12.2% in Q2, now owning 5,988 shares valued at $1.96 million. Other institutional investors also boosted their stakes. Cummins reported Q2 earnings of $6.43 EPS, exceeding estimates, with revenue of $8.64 billion. The company raised its quarterly dividend to $2.00 per share, yielding 1.9%. Analysts have upgraded Cummins' stock ratings, with price targets ranging from $355 to $500.

Mengis Capital Management Inc. increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 12.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,988 shares of the company's stock after buying an additional 650 shares during the period. Mengis Capital Management Inc.'s holdings in Cummins were worth $1,961,000 as of its most recent SEC filing.

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Several other institutional investors and hedge funds also recently bought and sold shares of the business. Commerzbank Aktiengesellschaft FI boosted its holdings in Cummins by 305.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 2,722 shares of the company's stock worth $892,000 after buying an additional 2,051 shares during the period. Stiles Financial Services Inc boosted its holdings in Cummins by 13.9% in the 2nd quarter. Stiles Financial Services Inc now owns 5,519 shares of the company's stock worth $1,809,000 after buying an additional 675 shares during the period. Stonebridge Financial Group LLC boosted its holdings in Cummins by 3.0% in the 2nd quarter. Stonebridge Financial Group LLC now owns 13,957 shares of the company's stock worth $4,571,000 after buying an additional 409 shares during the period. Horizon Bancorp Inc. IN boosted its holdings in Cummins by 105.9% in the 2nd quarter. Horizon Bancorp Inc. IN now owns 243 shares of the company's stock worth $80,000 after buying an additional 125 shares during the period. Finally, IFP Advisors Inc boosted its holdings in Cummins by 5.2% in the 2nd quarter. IFP Advisors Inc now owns 3,511 shares of the company's stock worth $1,158,000 after buying an additional 173 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $426.20 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $58.73 billion, a P/E ratio of 20.04, a P/E/G ratio of 2.11 and a beta of 1.04. The company has a fifty day moving average of $406.06 and a 200-day moving average of $348.80.

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Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the firm posted $5.26 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

Analyst Upgrades and Downgrades

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Several research firms recently commented on CMI. Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Robert W. Baird raised their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Citigroup raised their price target on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Finally, Barclays raised their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $397.43.

Read Our Latest Stock Analysis on CMI

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the business's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 in the last three months. 0.41% of the stock is owned by insiders.

Cummins Company Profile

(Free Report)

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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Mengis Capital Management Inc. Raises Position in Cummins Inc. $CMI

Cummins Stock Performance

Cummins Increases Dividend

Analyst Upgrades and Downgrades

Insider Activity at Cummins

Cummins Company Profile

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