Mystic Asset Management Inc. Makes New $706,000 Investment in Cummins Inc. $CMI

Mystic Asset Management Inc. acquired a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 990 shares of the company’s stock, valued at approximately $706,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Activest Wealth Management increased its holdings in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC lifted its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in Cummins during the second quarter worth $26,000. Wellington Shields Capital Management LLC bought a new position in Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc grew its stake in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Truist Financial set a $894.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Performance

CMI opened at $593.12 on Friday. The firm has a market cap of $81.65 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. 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 business’s fifty day moving average is $662.30 and its 200-day moving average is $628.59.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the firm earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

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

Cummins 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.