Cummins Inc. $CMI Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 31,031 shares of the company’s stock after purchasing an additional 2,417 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $13,107,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Bank of New York Mellon Corp raised its stake in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after buying an additional 488,430 shares during the last quarter. Ballentine Partners LLC raised its position in shares of Cummins by 7.3% in the 3rd quarter. Ballentine Partners LLC now owns 2,946 shares of the company’s stock valued at $1,244,000 after purchasing an additional 201 shares during the last quarter. Truist Financial Corp boosted its stake in Cummins by 1.8% in the 3rd quarter. Truist Financial Corp now owns 61,054 shares of the company’s stock worth $25,787,000 after purchasing an additional 1,084 shares in the last quarter. J. Safra Sarasin Holding AG purchased a new stake in Cummins during the 3rd quarter worth approximately $202,000. Finally, One Wealth Advisors LLC acquired a new position in Cummins during the 3rd quarter valued at approximately $208,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,130 shares of company stock worth $9,045,544 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 1.0%

Shares of Cummins stock opened at $578.24 on Friday. The firm has a 50-day simple moving average of $532.03 and a two-hundred day simple moving average of $453.01. 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 Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $592.53. The company has a market cap of $79.82 billion, a P/E ratio of 30.01, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.86 EPS. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CMI shares. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. Citigroup increased their price objective on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Finally, Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a report on Monday, December 22nd. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $522.07.

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.