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

Mengis Capital Management Inc. reduced its position in Cummins Inc. (NYSE:CMIFree Report) by 2.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,027 shares of the company’s stock after selling 112 shares during the period. Mengis Capital Management Inc.’s holdings in Cummins were worth $1,148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Synovus Financial Corp boosted its holdings in shares of Cummins by 254.4% in the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. boosted its holdings in shares of Cummins by 65.4% in the 1st 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 during the last quarter. Sei Investments Co. boosted its holdings in shares of Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC acquired a new position in shares of Cummins in the 1st quarter valued at $711,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares during the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CMI shares. Morgan Stanley started coverage on shares of Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $243.00 to $225.00 in a report on Friday, January 19th. Finally, Citigroup lifted their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $261.11.

Read Our Latest Stock Report on CMI

Cummins Price Performance

Shares of NYSE:CMI traded up $5.07 during trading on Monday, reaching $256.85. The company had a trading volume of 1,002,412 shares, compared to its average volume of 843,880. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $265.28. The firm has a market capitalization of $36.41 billion, a PE ratio of 49.50, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. The firm’s fifty day moving average is $238.98 and its 200 day moving average is $233.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings results 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). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 EPS. On average, equities analysts forecast that Cummins Inc. will post 18.64 EPS for the current year.

About Cummins

(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 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

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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