Mengis Capital Management Inc. Has $1.86 Million Holdings in Cummins Inc. (NYSE:CMI)

Mengis Capital Management Inc. boosted its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,338 shares of the company’s stock after buying an additional 105 shares during the quarter. Mengis Capital Management Inc.’s holdings in Cummins were worth $1,861,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. FMR LLC lifted its holdings in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after buying an additional 6,608 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CMI shares. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

CMI opened at $360.44 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. The company has a fifty day simple moving average of $361.38 and a 200 day simple moving average of $342.85. The stock has a market cap of $49.55 billion, a P/E ratio of 12.80, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

About Cummins

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.