Mirae Asset Global Investments Co. Ltd. Has $7.62 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cummins Inc. (NYSE:CMIGet Rating) by 21.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,153 shares of the company’s stock after purchasing an additional 6,507 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $7,620,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in CMI. Cyrus J. Lawrence LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $25,000. Tyler Stone Wealth Management acquired a new stake in shares of Cummins in the first quarter valued at approximately $25,000. Mystic Asset Management Inc. bought a new position in shares of Cummins during the fourth quarter worth approximately $27,000. Cornerstone Advisory LLC bought a new position in shares of Cummins during the fourth quarter worth approximately $40,000. Finally, Bank of New Hampshire bought a new position in shares of Cummins during the first quarter worth approximately $41,000. 80.98% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.9 %

Shares of CMI opened at $210.76 on Thursday. Cummins Inc. has a 52-week low of $184.27 and a 52-week high of $247.48. The business’s fifty day moving average is $216.07 and its 200-day moving average is $205.89. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.66. The firm has a market cap of $29.72 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.36 and a beta of 1.03.

Cummins (NYSE:CMIGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.37 by $0.40. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.48 billion. During the same quarter last year, the company posted $4.15 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 18.03 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were paid a $1.57 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.45. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $6.28 annualized dividend and a dividend yield of 2.98%. Cummins’s dividend payout ratio (DPR) is presently 43.98%.

Insider Activity

In other news, insider Srikanth Padmanabhan sold 6,020 shares of Cummins stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the transaction, the insider now owns 22,020 shares in the company, valued at approximately $4,888,660.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 3,115 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total transaction of $701,217.65. Following the sale, the vice president now owns 16,348 shares of the company’s stock, valued at approximately $3,680,098.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Srikanth Padmanabhan sold 6,020 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total value of $1,336,500.20. Following the sale, the insider now directly owns 22,020 shares in the company, valued at approximately $4,888,660.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,001 shares of company stock worth $3,157,774. Insiders own 1.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CMI shares. Sanford C. Bernstein lowered Cummins from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $238.00 to $190.00 in a research note on Wednesday, July 20th. Morgan Stanley lowered their target price on Cummins from $205.00 to $187.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Credit Suisse Group increased their target price on Cummins from $249.00 to $266.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a research note on Wednesday, July 13th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $241.22.

Cummins Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

See Also

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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