Cummins Inc. $CMI Stake Lowered by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Cummins Inc. by 41.8% during the first quarter, dropping its holdings to 30,204 shares valued at approximately $9.47 million.
• Insider sales have occurred, including CFO Mark Andrew Smith selling 6,500 shares for about $2.63 million, which represents a 17.07% decrease in his position.
• Several analysts have upgraded Cummins' stock ratings recently, leading to a consensus target price of $389.29 and a current rating of "Moderate Buy."

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 41.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,204 shares of the company's stock after selling 21,724 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Cummins were worth $9,467,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Capital A Wealth Management LLC acquired a new stake in Cummins in the fourth quarter worth $32,000. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter valued at $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins during the first quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter worth about $37,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter worth about $39,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, CFO Mark Andrew Smith sold 6,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. This trade represents a 17.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,039 shares of company stock valued at $10,385,075. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on CMI shares. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Truist Financial increased their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research report on Monday, August 11th. Finally, Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $389.29.

Cummins Trading Down 0.6%

Cummins stock opened at $394.83 on Wednesday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a market capitalization of $54.40 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 1.92 and a beta of 1.02. The firm has a 50 day simple moving average of $373.56 and a 200-day simple moving average of $336.29.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.26 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's payout ratio is currently 37.61%.

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.

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