MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Position in Cummins Inc. (NYSE:CMI)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 80.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,928 shares of the company’s stock after buying an additional 23,078 shares during the quarter. 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 hedge funds and other institutional investors have also made changes to their positions in CMI. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC acquired a new position in Cummins in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Finally, Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $354.83.

Cummins Price Performance

Cummins stock opened at $332.02 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $45.74 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The business has a 50 day simple moving average of $303.94 and a 200 day simple moving average of $341.35.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the firm earned $5.08 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders 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 dividend yield of 2.19%. Cummins’s dividend payout ratio (DPR) 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.