Mystic Asset Management Inc. Invests $706,000 in Cummins Inc. $CMI

Mystic Asset Management Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 990 shares of the company’s stock, valued at approximately $706,000.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. State Street Corp grew its holdings in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after acquiring an additional 43,722 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Evercore reaffirmed an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Citigroup boosted their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

CMI stock opened at $593.12 on Friday. The stock has a 50-day moving average price of $662.30 and a 200-day moving average price of $628.59. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The firm has a market cap of $81.65 billion, a PE ratio of 30.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the firm posted $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.