46,037 Shares of Cummins Inc. $CMI Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 46,037 shares of the company’s stock, valued at approximately $23,781,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Wellington Management Group LLP increased its position in shares of Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after purchasing an additional 350,910 shares during the last quarter. Fulcrum Wealth Advisors LLC raised its stake in shares of Cummins by 611.8% during the 3rd quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock worth $8,401,000 after purchasing an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Cummins by 45.2% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock worth $6,981,000 after buying an additional 4,538 shares during the last quarter. CWS Financial Advisors LLC boosted its holdings in shares of Cummins by 973.2% in the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock worth $2,445,000 after buying an additional 4,292 shares during the last quarter. Finally, Legacy Private Trust Co. boosted its holdings in shares of Cummins by 1,264.1% in the 3rd quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after buying an additional 11,326 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 0.0%

Shares of NYSE CMI opened at $500.00 on Tuesday. Cummins Inc. has a one year low of $426.79 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business’s fifty day moving average price is $535.00 and its 200-day moving average price is $601.68. The stock has a market capitalization of $68.83 billion, a PE ratio of 21.70, a P/E/G ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is currently 44.97%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Citigroup lowered their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. CICC Research initiated coverage on shares of Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of Cummins from $760.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.