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

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 80.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 51,928 shares of the company’s stock after acquiring an additional 23,078 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Cummins were worth $18,102,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Global Trust Asset Management LLC boosted its holdings in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares in the last quarter. KG&L Capital Management LLC lifted its stake 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 valued at $1,296,000 after purchasing an additional 28 shares during the period. Signaturefd LLC raised its stake in Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after buying an additional 28 shares during the period. Fiduciary Trust Co raised its stake in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after buying an additional 28 shares during the period. Finally, Massachusetts Wealth Management increased its holdings in Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CMI shares. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and dropped their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, Citigroup raised their price target on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $354.83.

Cummins Stock Performance

Shares of CMI stock opened at $332.02 on Friday. The firm has a market cap of $45.74 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week 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. The company’s 50 day moving average is $303.94 and its 200 day moving average is $341.35.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $5.08 earnings per share. The business’s quarterly revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.19%. Cummins’s payout ratio is 36.22%.

About Cummins

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.