Mirae Asset Global Investments Co. Ltd. Boosts Stake in Cummins Inc. $CMI

Key Points

• Mirae Asset Global Investments raised its stake in Cummins by 15.4%, adding 4,776 shares to hold 35,807 shares valued at about $18.28 million at the end of the quarter.
• Cummins beat quarterly estimates with $5.81 EPS (vs. $5.17) and $8.54B revenue, and analysts maintain a consensus Moderate Buy with an average price target of roughly $598.47, while several firms have raised targets toward the $700 range.
• Insiders have sold a combined 31,195 shares in the last 90 days worth about $18.4 million, including recent stock sales by VPs Donald G. Jackson and Earl Newsome.

Mirae Asset Global Investments Co. Ltd. increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 15.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,807 shares of the company's stock after buying an additional 4,776 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Cummins were worth $18,278,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CMI. PDS Planning Inc raised its position in Cummins by 5.1% during the fourth quarter. PDS Planning Inc now owns 823 shares of the company's stock valued at $420,000 after purchasing an additional 40 shares during the period. Fruth Investment Management purchased a new stake in Cummins during the fourth quarter valued at approximately $204,000. Means Investment CO. Inc. purchased a new stake in Cummins during the fourth quarter valued at approximately $216,000. CWM LLC raised its position in Cummins by 7.6% during the fourth quarter. CWM LLC now owns 30,378 shares of the company's stock valued at $15,507,000 after purchasing an additional 2,143 shares during the period. Finally, CMC Financial Group purchased a new stake in Cummins during the fourth quarter valued at approximately $387,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMI. Truist Financial restated a "buy" rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Robert W. Baird set a $580.00 price objective on Cummins in a research report on Friday, February 6th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the company a "market perform" rating in a research report on Friday, February 6th. Citigroup upped their price objective on Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Cummins in a research note on Friday, April 10th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of "Moderate Buy" and an average price target of $598.47.

Cummins Trading Up 3.0%

Shares of NYSE CMI opened at $626.91 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The business's 50 day moving average price is $571.31 and its 200-day moving average price is $522.99. Cummins Inc. has a fifty-two week low of $269.24 and a fifty-two week high of $628.00. The company has a market cap of $86.61 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 1.93 and a beta of 1.14.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the business posted $5.16 earnings per share. The company's revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio is presently 38.99%.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.