MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 23,078 Shares of Cummins Inc. (NYSE:CMI)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 80.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,928 shares of the company's stock after acquiring an additional 23,078 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Cummins were worth $18,102,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pallas Capital Advisors LLC increased its position in shares of Cummins by 4.6% in the fourth quarter. Pallas Capital Advisors LLC now owns 918 shares of the company's stock valued at $320,000 after acquiring an additional 40 shares during the last quarter. SeaCrest Wealth Management LLC grew its stake in Cummins by 6.1% in the fourth quarter. SeaCrest Wealth Management LLC now owns 974 shares of the company's stock valued at $340,000 after purchasing an additional 56 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of Cummins by 3.7% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,744 shares of the company's stock worth $1,305,000 after purchasing an additional 134 shares during the last quarter. Kathmere Capital Management LLC boosted its holdings in shares of Cummins by 21.2% in the 4th quarter. Kathmere Capital Management LLC now owns 896 shares of the company's stock valued at $312,000 after buying an additional 157 shares during the last quarter. Finally, Park Avenue Securities LLC grew its stake in shares of Cummins by 29.7% in the fourth quarter. Park Avenue Securities LLC now owns 5,821 shares of the company's stock valued at $2,029,000 after buying an additional 1,333 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI traded up $2.33 during midday trading on Monday, reaching $336.81. 692,052 shares of the stock were exchanged, compared to its average volume of 806,393. The stock's 50 day simple moving average is $304.05 and its 200 day simple moving average is $341.53. The company has a market cap of $46.40 billion, a P/E ratio of 11.96, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the previous year, the company earned $5.08 EPS. The business's revenue was down 2.7% 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.16%. Cummins's dividend payout ratio is presently 36.22%.

Insider Activity

In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMI. StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Robert W. Baird cut their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $352.17.

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.