Cummins Inc. (NYSE:CMI) Position Raised by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its position in Cummins Inc. (NYSE:CMI) by 54.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,051 shares of the company’s stock after buying an additional 6,350 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cummins were worth $6,320,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Global Trust Asset Management LLC raised its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. KG&L Capital Management LLC raised its holdings in shares of Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after purchasing an additional 28 shares in the last quarter. Chicago Capital LLC lifted its stake in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. grew its position in Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after buying an additional 32 shares during the last quarter. Finally, Mayflower Financial Advisors LLC boosted its stake in shares of Cummins by 2.0% during the 4th quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock worth $568,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $372.12 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $247.53 and a 12 month high of $387.90. The company’s fifty day moving average is $361.89 and its 200-day moving average is $335.21. The firm has a market cap of $51.05 billion, a price-to-earnings ratio of 24.58, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $4.14 EPS. Equities analysts expect that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday. The Goldman Sachs Group lifted their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $383.08.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 6,328 shares of company stock worth $2,300,040. 0.56% of the stock is owned by insiders.

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.