Cummins Inc. (NYSE:CMI) Shares Sold by Mengis Capital Management Inc.

Mengis Capital Management Inc. reduced its holdings in Cummins Inc. (NYSE:CMI) by 0.8% during the 3rd quarter, Holdings Channel reports. The fund owned 5,233 shares of the company’s stock after selling 44 shares during the quarter. Mengis Capital Management Inc.’s holdings in Cummins were worth $1,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in CMI. Chicago Capital LLC increased its holdings in shares of Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. grew its position in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after buying an additional 35 shares during the period. EP Wealth Advisors LLC raised its position in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after buying an additional 35 shares in the last quarter. Finally, Fidelis Capital Partners LLC lifted its stake in shares of Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong 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 $334.33.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,193 shares of company stock worth $9,685,552 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of Cummins stock opened at $355.07 on Wednesday. The stock has a market cap of $48.71 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.76 and a beta of 0.97. Cummins Inc. has a 12 month low of $216.91 and a 12 month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $324.91 and a 200-day simple moving average of $300.14.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.73 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 20.48 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. Cummins’s payout ratio is 48.08%.

Cummins Profile

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.