Mystic Asset Management Inc. Makes New $296,000 Investment in Cummins Inc. (NYSE:CMI)

Mystic Asset Management Inc. purchased a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 850 shares of the company’s stock, valued at approximately $296,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp lifted its stake in shares of Cummins by 2.1% during the third 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 during the period. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the period. FMR LLC lifted its stake in shares of Cummins by 0.8% during the third 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 during the period. Bank of New York Mellon Corp lifted its stake in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after buying an additional 120,579 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cummins by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock worth $308,303,000 after buying an additional 17,687 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday. UBS Group cut their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Trading Down 1.2 %

Shares of Cummins stock opened at $322.19 on Wednesday. The stock has a market cap of $44.30 billion, a P/E ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. The stock’s 50 day simple moving average is $358.00 and its 200-day simple moving average is $347.35. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.14 EPS. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

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.