Cummins Inc. $CMI Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments increased its stake in Cummins Inc. by 33.3%, acquiring 7,151 additional shares to own a total of 28,614 shares worth approximately $9.37 million.
• Institutional investors collectively own 83.46% of Cummins' stock, with significant increases in holdings from firms such as Raymond James Financial and Goldman Sachs Group.
• Cummins recently announced a dividend increase to $2.00 per share, up from $1.82, representing an annualized dividend of $8.00 and a yield of 1.8%.

Mirae Asset Global Investments Co. Ltd. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 33.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,614 shares of the company's stock after acquiring an additional 7,151 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Cummins were worth $9,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. lifted its holdings in shares of Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. AQR Capital Management LLC raised its position in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after buying an additional 424,294 shares during the last quarter. Nuveen LLC acquired a new stake in Cummins during the 1st quarter valued at approximately $109,120,000. Vanguard Group Inc. boosted its holdings in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Cummins by 74.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock valued at $234,907,000 after acquiring an additional 319,277 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of Cummins stock opened at $432.87 on Monday. The firm has a market cap of $59.65 billion, a PE ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $437.66. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $400.74 and a 200 day moving average price of $346.10.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $5.26 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.8%. Cummins's payout ratio is 37.61%.

Insiders Place Their Bets

In other news, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CMI. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Evercore ISI restated an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Barclays lifted their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $393.57.

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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.