1,271 Cummins Inc. $CMI Shares Acquired by Mystic Asset Management Inc.

Mystic Asset Management Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 128.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,261 shares of the company’s stock after purchasing an additional 1,271 shares during the period. Mystic Asset Management Inc.’s holdings in Cummins were worth $1,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Cummins during the 2nd quarter worth approximately $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins during the 2nd quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins in the second quarter worth $973,198,000. Legal & General Group Plc purchased a new position in shares of Cummins in the second quarter worth $666,635,000. Finally, Amundi grew its stake in Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI traded down $0.06 during midday trading on Thursday, reaching $525.90. 482,490 shares of the stock were exchanged, compared to its average volume of 985,786. The firm has a market cap of $72.40 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.39 and a beta of 1.24. Cummins Inc. has a twelve month low of $405.82 and a twelve month high of $737.76. The firm has a 50-day simple moving average of $560.36 and a two-hundred day simple moving average of $620.42. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the firm earned $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley raised their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Citigroup lowered their price target on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.