Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Cummins Inc. (NYSE:CMI)

Mirae Asset Global Investments Co. Ltd. raised its holdings in Cummins Inc. (NYSE:CMI) by 7.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,701 shares of the company’s stock after purchasing an additional 851 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $3,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Parcion Private Wealth LLC boosted its stake in shares of Cummins by 4.3% during the 3rd quarter. Parcion Private Wealth LLC now owns 15,115 shares of the company’s stock worth $4,894,000 after acquiring an additional 627 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Cummins by 11.4% during the 3rd quarter. Allworth Financial LP now owns 2,756 shares of the company’s stock worth $892,000 after acquiring an additional 282 shares in the last quarter. Bank of Stockton boosted its stake in shares of Cummins by 2.0% during the 3rd quarter. Bank of Stockton now owns 6,672 shares of the company’s stock worth $2,160,000 after acquiring an additional 134 shares in the last quarter. Massachusetts Wealth Management boosted its stake in shares of Cummins by 2.0% during the 3rd quarter. Massachusetts Wealth Management now owns 4,782 shares of the company’s stock worth $1,548,000 after acquiring an additional 95 shares in the last quarter. Finally, Hudock Inc. purchased a new stake in shares of Cummins during the 3rd quarter worth approximately $221,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial upped their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Citigroup upped their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Trading Down 1.0 %

Shares of CMI opened at $331.21 on Wednesday. The stock has a fifty day moving average of $317.53 and a two-hundred day moving average of $296.39. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The company has a market capitalization of $45.30 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $5.18 EPS. As a group, analysts forecast that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. Cummins’s payout ratio is 53.29%.

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.