Mirae Asset Global Investments Co. Ltd. Has $6.74 Million Position in Cummins Inc. (NYSE:CMI)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 18.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,463 shares of the company's stock after acquiring an additional 3,412 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Cummins were worth $6,740,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CMI. Meeder Asset Management Inc. raised its stake in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in shares of Cummins in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the 4th quarter valued at approximately $30,000. Capital A Wealth Management LLC bought a new position in shares of Cummins in the 4th quarter valued at approximately $32,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Cummins in the 1st quarter valued at approximately $37,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of CMI traded up $1.81 on Tuesday, reaching $329.31. 912,029 shares of the stock traded hands, compared to its average volume of 773,739. The firm has a market cap of $45.37 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.96 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock's 50-day moving average price is $316.02 and its 200-day moving average price is $332.13.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.08 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio is 36.22%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and dropped their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of "Hold" and an average target price of $358.08.

Insider Buying and Selling

In related news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

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.