Mirae Asset Global Investments Co. Ltd. Buys 2,417 Shares of Cummins Inc. $CMI

Mirae Asset Global Investments Co. Ltd. grew its stake in Cummins Inc. (NYSE:CMI) by 8.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,031 shares of the company’s stock after purchasing an additional 2,417 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $13,107,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new position in Cummins during the second quarter valued at $505,941,000. American Century Companies Inc. grew its holdings in Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp raised its position in Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the period. Ontario Teachers Pension Plan Board lifted its stake in Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after buying an additional 344,680 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CMI shares. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Wells Fargo & Company lifted their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. upped their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Barclays raised their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $522.07.

Insider Buying and Selling

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 19,130 shares of company stock worth $9,045,544 in the last three months. 0.41% of the stock is owned by insiders.

Cummins Trading Down 1.0%

NYSE:CMI opened at $578.24 on Friday. The firm has a 50-day simple moving average of $532.03 and a 200-day simple moving average of $453.01. Cummins Inc. has a one year low of $260.02 and a one year high of $592.53. The firm has a market cap of $79.82 billion, a P/E ratio of 30.01, a P/E/G ratio of 2.05 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. Cummins’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $5.86 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

About Cummins

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.