Cummins Inc. $CMI Stock: Mystic Asset Management Inc. Grows Stake

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

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Cummins in the 2nd quarter worth about $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins during the second quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins during the second quarter valued at approximately $973,198,000. Legal & General Group Plc bought a new position in Cummins in the second quarter worth approximately $666,635,000. Finally, SG Americas Securities LLC grew its stake in Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.0%

NYSE:CMI traded down $0.06 during trading hours on Thursday, reaching $525.90. The company’s stock had a trading volume of 482,490 shares, compared to its average volume of 985,786. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a market capitalization of $72.40 billion, a P/E ratio of 26.87, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. The stock has a 50 day moving average price of $560.36 and a two-hundred day moving average price of $620.42. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76.

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

Cummins Dividend Announcement

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

Analyst Ratings Changes

Several research firms have commented on CMI. CICC Research assumed coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective on the stock. Wells Fargo & Company dropped their price target on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Bank of America cut their price target on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Finally, Truist Financial lowered their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned 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.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by company insiders.

Cummins Profile

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.