Mirae Asset Global Investments Co. Ltd. Buys 1,829 Shares of Cummins Inc. (NYSE:CMI)

Mirae Asset Global Investments Co. Ltd. raised its position in Cummins Inc. (NYSE:CMI) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 41,528 shares of the company’s stock after buying an additional 1,829 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $9,949,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. OFI Invest Asset Management acquired a new stake in Cummins in the third quarter worth about $25,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $28,000. Global Wealth Strategies & Associates bought a new stake in shares of Cummins during the third quarter worth approximately $29,000. Tyler Stone Wealth Management acquired a new position in Cummins in the second quarter valued at approximately $30,000. Finally, Quarry LP bought a new position in Cummins in the first quarter valued at approximately $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Morgan Stanley started coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $276.10.

Insider Transactions at Cummins

In other Cummins news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last 90 days. 1.12% of the stock is owned by corporate insiders.

Cummins Trading Down 1.4 %

CMI opened at $298.63 on Friday. The stock has a market capitalization of $40.84 billion, a P/E ratio of 57.65, a P/E/G ratio of 2.06 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The firm’s fifty day simple moving average is $275.89 and its 200 day simple moving average is $246.16.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $4.52 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.25%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

About Cummins

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.