Mindset Wealth Management LLC Has $724,000 Stake in Cummins Inc. (NYSE:CMI)

Mindset Wealth Management LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 1.7% in the fourth quarter, Holdings Channel reports. The fund owned 2,076 shares of the company’s stock after acquiring an additional 35 shares during the period. Mindset Wealth Management LLC’s holdings in Cummins were worth $724,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. AMG National Trust Bank acquired a new position in shares of Cummins during the third quarter worth about $219,000. Avior Wealth Management LLC boosted its position in shares of Cummins by 44.9% during the third quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock worth $111,000 after buying an additional 106 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter worth about $32,000. Advisors Asset Management Inc. raised its holdings in Cummins by 23.5% during the third quarter. Advisors Asset Management Inc. now owns 27,346 shares of the company’s stock worth $8,854,000 after acquiring an additional 5,206 shares in the last quarter. Finally, Cornerstone Advisors LLC raised its holdings in Cummins by 117.2% during the third quarter. Cornerstone Advisors LLC now owns 6,300 shares of the company’s stock worth $2,040,000 after acquiring an additional 3,400 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.5 %

Shares of CMI opened at $325.38 on Friday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The stock has a market capitalization of $44.73 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a fifty day moving average of $356.66 and a 200-day moving average of $347.05.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company earned $4.14 EPS. Cummins’s revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several analyst reports. Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Finally, UBS Group dropped their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Company 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.