Mirae Asset Global Investments Co. Ltd. Buys New Position in Cummins Inc. $CMI

Mirae Asset Global Investments Co. Ltd. purchased a new position in Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 46,037 shares of the company’s stock, valued at approximately $23,781,000.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Cummins in the second quarter worth $8,204,241,000. Bank of America Corp DE acquired a new position in shares of Cummins during the second quarter valued at about $1,408,353,000. Bank of New York Mellon Corp acquired a new position in shares of Cummins during the second quarter valued at about $973,198,000. Legal & General Group Plc bought a new position in shares of Cummins during the 2nd quarter worth about $666,635,000. Finally, Amundi boosted its position in shares of Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 0.0%

CMI opened at $500.00 on Tuesday. Cummins Inc. has a fifty-two week low of $426.79 and a fifty-two week high of $737.76. The firm has a market capitalization of $68.83 billion, a PE ratio of 21.70, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company’s 50-day moving average is $535.00 and its 200 day moving average is $601.68.

Cummins (NYSE:CMI) last released 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 for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $6.43 EPS. As a group, research analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. DA Davidson raised their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Barclays decreased their price objective on Cummins from $760.00 to $675.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $694.24.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.